On May 8th, 2018 the United States government held a committee meeting to explore blockchain technology for improving supply chain management and combating counterfeit goods. Though government and industry interests may differ in some areas, everyone who gave testimony agreed on the need to develop common standards for blockchain technology.
The interoperability of developing technologies is often critical to the success of each technology as well as the businesses that invest in such technology.
Our research revealed an interest in developing standards for identity, the Internet of Things (IoT), data interchange, consensus algorithms, mobility standards, and more.
Some standards groups appear to be more invested in developing standards more quickly than other groups.
The Blockchain in Transportation Alliance (BiTA), a freight industry group, includes dozens of large corporate members (PWC, UPS, BP, FedEx, SAP, etc.) interested in transforming their area of interest quickly while other groups, such as the Internet Engineering Task Force (IETF), do not appear to be as engaged in their mission.
The Institute of Electrical and Electronics Engineers (IEEE) is pursuing important research and exploration applications for blockchain and distributed ledger technology through programs like the Blockchain for Agriculture, Blockchain for Clinical Trials, and the Pharma Supply Chain. These areas intersect government interest in greater accountability and transparency very well.
Read our quick reference guide to organizations working on blockchain and distributed ledger standards below.