According to a study by Moody’s, a US rating agency, technology standards in the blockchain industry are likely to be adopted by 2021.
According to a research report, standards will appear in the industry by 2021 and open up opportunities for “asset securitization using this technology.” The company claims that this can help save time and costs, automate faster access to data.
Moody’s Investors Service says industry standards can provide better interoperability and other metrics. Moody’s Senior Analyst Frank Cerveny noted:
“Standardizing blockchain technology will make its benefits more accessible for asset securitization. […] Standardization will improve the interaction between systems and market participants, and will also reduce the number of counterparties, operational and legal / regulatory risks for transactions using technology. ”
The study claims that this initiative is primarily led by the International Organization for Standardization (ISO). Researchers note that the lack of standardization and interoperability limits the increase in operational efficiency and increases the potential risks of using the blockchain.
Late last month, ABI Research, a technology consulting company, introduced
the results of the study, according to which the income from the use of the blockchain will reach $ 10 billion by 2023.