According to Gartner Inc, for at least three years, lack of interoperability standards will be preventing the spread of blockchain deployment in the financial services ecosystems.
Gartner is an IT Symposium/Xpo, taking place in Cape Town. Here the analysts have been discussing the ways how IT experts and growing businesses can help the blockchain technology to get to the mainstream.
Shedding more light on the subject, Fabio Chesini, Senior Research Director, said, “Blockchain standards for financial services firms are fragmented and immature,” at Gartner IT Symposium/Xpo, on Monday. He continued and said, “We are three to five years until standards mature and settle.”
When it comes to firms offering financial services, standards are the most prominent thing, as the company is continually moving (transferring) assets between clients and partners. Though there are several blockchain techs available in the market for bank CIOs to choose from. From enterprise-grade approaches such as Corda, Hyperledger, and Digital Asset, to opensource public blockchain standards like Bitcoin, Ethereum, Cardano, EOS, and Tezos, there are various blockchains to choose from.
Among all these standards, each one of them is trying to become the main dominating authority in the market. There are companies that offer value exchange and digital asset representation standards; then there are some companies that offer smart contracts and decentralized applications, all this point towards the fragmentation of the various standards.
Tough, it is unlikely to see just one de facto standard in the blockchain market; it will be different from the Open Systems Interconnection (OSI) model. By looking at the current fragmented standards, there will be at least 4 major standards ruling the market in upcoming years,
concluded Chesini. Amidst all this, blockchain governance is quite necessary, as governance on the blockchain will oversee how value is exchanged, how data exchanges are recognized and recorded.