Industry Standards Would Aid Blockchain’s Adoption

According to a recent American Banker article, financial services industry participants must be forthright and collaborative when aiming to use blockchain technology to change their business in order to avoid spending years and vast amounts of money testing prototypes. As American Banker explains, industry standards promote an equal competitive playing field and reduce new technologies’ time to market.

Many industry projects are already focusing on the standardization of data flows and the language used to communicate with blockchains rather than a technology platform.

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