On December 5th, members of the BlockStand consortium participated in the “Joining Forces for Blockchain Standardisation – 4th Edition” online Conference, organized by the Governmental Advisory Body and the Standardisation Committee of INATBA, in collaboration with the European Commission. This annual gathering constitutes a call for global unity in the Blockchain Standardisation process, while preventing redundancy.

In this diverse world, continuously developing standards shape the blockchain landscape. The European Blockchain Partnership (EBP), through its mission and the actions of its members, connects worldwide projects through standardisation communities. This effort is based on European values and a commitment to international collaboration.

In this conference, the world’s leading experts in this area highlighted that standardization is key to any developing technology, and blockchain is no exception. For blockchain specifically, we need to build trust through appropriate standards and technical specifications that would lead to wide adoption interoperability, ensuring the safety of citizens and generating trust. Standards can deliver trust, as they are likely to provide greater benefits for consumers and businesses through increased consumer confidence and ensure a level playing field for the businesses themselves.

The standardisation of blockchain technology will allow the industry to exercise compliance, remove fragmentation, and build consumer trust through a proven way of implementation” as Fabrizia Benini from DG Connect of the European Commission highlighted in her opening keynote.

The conference addressed the progress and current challenges of harmonized global standards while underlining their critical role in ensuring the widespread success of blockchain technology. The discussion further centered around the focus, prioritization, and next steps of DLT standards. The conference also discussed the current state of smart contract standardization, where another taxonomy and classification process are taking place.

In his closing remarks, Ricardo Simoes, the Executive Director of INATBA and Partner in BlockStand, concluded, “the industry needs to accelerate the development of standards, while ensuring there is true communication and collaboration that will help to build trust and enable interoperability – we will continue to build this ecosystem one block at a time”.

For more details about the panels and keynote speeches, please check the agenda.