More networking promises numerous advantages for business. After all, more data can be exchanged and processed in a shorter period of time. However, this process depends on the definition of common basic units and standards. Fortunately, the International Chamber of Commerce is now taking on this task in the blockchain area.
The International Chamber of Commerce (ICC) has launched the Digital Trade Standards Initiative (DSI) to promote collaboration in digital commerce. The cross-sector project accordingly wants to develop universal trade standards that should enable a greater degree of interoperability between different blockchain networks and other FinTech platforms.
The DSI builds on the work of other, smaller initiatives that also wanted to promote the exchange between blockchain platforms. The cornerstone for the project was laid when the ICC took over the leadership of the Universal Trade Network in September. This was also a network to improve interoperability, which was created by blockchain companies R3 and TradeIX, among others.
Universal standards for blockchain-based trading
According to the DSI, the main goal is to go beyond the previously existing cooperation model in digital commerce. Because nowadays digitization agreements are often concluded bilaterally between individual companies and institutions.
The result would be a fragmented infrastructure with countless separate blockchains and other platforms.In contrast, interoperability, in the sense of the ability for data compatibility and collaboration, relies on common digital standards. Only their development would make cross-industry or blockchain cooperation possible at all. John W. H. Denton AO, Secretary General of the ICC:
“Universal standards will connect existing digital islands and enable market forces to improve the customer experience. As a leading and neutral voice in the industry, it made sense to bring this project under the roof of the ICC. This will enable the ICC DSI to guide and coordinate efforts to develop standards and protocols to digitize trade.”