To fully benefit from blockchain’s enormous potential, enterprises must first overcome two formidable challenges: standardization and interoperability.
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Blockchain Standardization Challenges
Bitcoin’s blockchain technology is becoming increasingly pervasive. Indeed its potential is touted across the board, from the Nano Internet of Things to the Industrial Internet of Things, providing businesses with vast opportunities to innovate and create new products.
But because blockchain technology is so unprecedented, enterprises all over are confronting problems related to standardization and integration of the blockchain into the enterprise. As a result, initiatives are focusing on how to standardize and integrate blockchains into enterprises.
For example, the World Wide Web Consortium (W3C) convened the first workshop on blockchains (or Distributed Ledgers) on the Web at the Massachusetts Institute of Technology, in June 2016. The purpose of the workshop was to study which features of the blockchain are applicable for standardization. Specifically, the workshop focused on “basic infrastructure for enabling and benefiting from blockchains in a Web-facing context.”
Thanks to the workshop’s success, W3C will continue to coordinate blockchain-related activities through the Blockchain Community Group. The mission of this group is, “to generate message format standards of Blockchain-based on