Industry consortium R3CEV has move beyond the development of its Corda blockchain fabric and is now working with the International Swaps and Derivatives Association to determine what in the derivatives body’s master agreement might need to change in order support the use of distributed ledgers by the industry.
Any changes made by ISDA would support distributed ledgers in general and not just R3CEV’s Corda, according to Charley Cooper, a managing director at R3CEV.
The two groups are taking the general approach to distributed-ledger technology since, unlike Sauron’s ring, there will not be one distributed ledger to rule them all.
Charley Cooper, R3CEV
“We actually envision it looking more like the Internet, in that there are multiple networks and thee key is getting them to ‘interoperate’,” he added.
However, most of distributed-ledger platforms are not mature enough to have their developers and backers discuss ledger interoperability productively.
“There’s a lot of standards and interoperability work that is just beginning,” said Cooper. “It is something that we’re taking into account in our various different use cases and our proofs of concepts within our framework.”
However, this has not stopped the Australian members of the International Organization of Standard to request that the standards body to start developing ISO standards for Bitcoin and its blockchain enabling technology, reported website Cryptocoinnews.com. Only four more members need to make a similar request before ISO officially considers taking up the member’s proposal.
It is probably too soon to discuss standards given the broad spectrum of understanding that exists among national and regional regulators regarding distributed ledgers, said Cooper.
Over seven of the next 10 weeks Cooper will be meeting meeting with various national market regulators, central banks, and regional regulators across the globe to discuss what policy considerations that the regulators might want to make to enable the adoption of the new technology.
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