ISITC Europe announces plans to collaborate with OASIS to define technical standards for Blockchain Distributed Ledger Technology
London, 12th October 2016
The International Securities Association for Institutional Trade Communication (ISITC) Europe intends to collaborate with the OASIS international open standards consortium to advance adoption of Blockchain Distributed Ledger Technology (DLT) by the financial services industry. Based on DLT benchmarks developed by the ISITC Europe Blockchain Working Group, the project will secure international support for a suite of measurable standards for blockchain technology and operational requirements.
The ISITC Europe DLT benchmarks establish a methodology for: Resilience, Scalability, Security, Latency, Data, Governance, Legal, Regulatory, Software and Network.
Gary Wright, CEO of BISS Research, who co-chairs the ISITC Europe Blockchain Working Group along with Scott Riley, Director of Block Asset Technologies, stressed the need to validate the standards through a combination of industry engagement and independent academic verification managed by Dr Hermann Rapp leading the ISITC academic initiative.
Wright said, “There is an industry-wide void in the understanding of how Blockchain DLT technology can be implemented and a fragmentation in its application. Blockchain DLT benchmarks will provide a valuable tool that will help the industry make sound, informed decisions. By combining academic research with industry operational knowledge, we’ll produce a resilient and sustainable benchmark that can become a standard that can be trusted.”
Nigel Solkhon, CEO of ISITC Europe, said, “ISITC Europe has always promoted industry standards, and in developing these benchmarks we are leading the way again. Giving financial services firms the ability to apply international standards in their particular Blockchain DLT projects will ensure streamlined implementations that are interoperable and secure. We encourage all types of financial services firms to join the ISITC Europe march to Blockchain DLT standards.”
OASIS CEO, Laurent Liscia, added, “As open source and standards projects that affect blockchain proliferate, the need for clearly defined metrics becomes vital. We look forward to working with ISITC Europe, financial services companies, government agencies, and everyone involved in the blockchain industry on building consensus for DLT benchmarks.”
ISITC Europe Press Contacts:
Blockchain DLT Working Stream Leader
ISITC Europe is a not-for-profit trade association, with members from across the spectrum of financial services organisations, including investment managers, brokers, custodians, service providers, solutions providers and individuals.