The Week In Bitcoin - Issue #87: The Path To Standards

This week Standards Australia released their "Roadmap for Blockchain Technology Standards" report. As
The Week In Bitcoin
The Week In Bitcoin - Issue #87: The Path To Standards
By The Week In Bitcoin • Issue #29
This week Standards Australia released their “Roadmap for Blockchain Technology Standards” report. As the name suggests, it provides a roadmap for the creation of standards in the blockchain/DLT sector. More specifically: 
The Roadmap is designed to: identify the various technical issues associated with developing, governing and utilising blockchains and Distributed Ledger Technologies (DLT); identify blockchain and DLT use-cases relevant to Australia; and prioritise the order of standards development activities that could be undertaken in the development of blockchain standards by ISO/TC 307 Blockchain and electronic distributed ledger technologies.
The paper covers off on the major industry sectors in which there has been an uptick in use and application of blockchain tech. It also summarises the process that Standards Australia has taken so far. 
For the most part, the standards process is valuable - at the very least it starts a conversation on what some of the major challenges are in the industry around interoperability. However, the question remains: ’Is it too early for standards?’ 
The real risk that arises with building out standards now, is that they might not really reflect where the industry is headed. It might be a case of building a bridge that is headed to a place no one wants to visit. 
Regardless, I know I’ll be watching the process carefully to see what the major interoperability themes end up being.
— Alan Tsen, @alantsen 👊💯
Ps. If you like what I’m doing here please feel free to share it on your favourite social media network. Also, it’d be great if you forwarded this newsletter to a friend you think might enjoy it.

News This Week
This report provides a summary of the Roadmap for Blockchain Standards (Roadmap). The Roadmap is designed to: identify the various technical issues associated with developing, governing and utilising blockchains and Distributed Ledger Technologies (DLT)….
I came across an interesting paper under review from researchers at IC3. Among other things, it contains a mathematical proof that it is impossible to determine the “true” transaction history in a PoS blockchain without…
Joseph Poon and Thaddeus Dryja published the Lightning Network (LN) whitepaper in January 2016. “The Bitcoin blockchain holds great promise for distributed ledgers,” the document states. “But the blockchain as a payment platform, by itself, cannot cover the world’s commerce anytime in the near future.”
Blockchain Capital LLC, which backs startups that use the technology best known for supporting bitcoin, plans to raise a new $50 million fund partly by issuing its own digital tokens, becoming the first venture fund to do so.
The idea of using blockchain—the technology underpinning the bitcoin cryptocurrency—has gripped the imagination of financial institutions all over the world. One report from Spanish megabank Santander says banks could save up to $20 billion a year in infrastructure costs by replacing legacy plumbing with blockchains. But the big banks, brokerages, and other back-office purveyors have so far had…  •  Share
Bitcoin, somehow, continues to persist despite mounting evidence that it’s not the best use of your money. The digital “cryptocurrency” hit a record high on Thursday, trading above $US1,200 ($1,557) according to several exchanges.
Last week Melonport had one of the fastest crowd sales to date. In an Ethereum based crowd sale, they raised 227,000 eth in 2 minutes and 50 seconds. Together with ICONOMI’s ICO, also one of the most…  •  Share
Data transparency is vital for companies that want to compete in the information economy.
The Ethereum blockchain is a primordial soup of smart contract bytecode undergoing constant mutation and reconfiguration. When the ERC20 Token was conceived, this small but useful building block was…  •  Share
Contrary to popular belief, I’m not always cheering for upward price movements in Bitcoin! I’ve also called down and sideways on many occasions, including regularly calling false starts etc, on my…
Let me start of by saying that the narrative that “everyone wants the best for Bitcoin” is false. I thought that was true a couple of months ago, before I went deeper down the rabbit hole. I now…  •  Share
The difficult task as a CIO is to explain the strategic implications of blockchain without getting bogged down in its technical aspects, says David Furlonger of Gartner.
Blockchain tech is getting chief officers hot and heavy. When it’s your turn to show them your stack, will you distress or impress? Store Ether, send transactions, deploy contracts and more with Mist…
Traditional consensus algorithms, whether they operate in a synchronous, partially asynchronous or fully asynchronous network model, and whether they are designed around simple faults, Byzantine…  •  Share
Did you enjoy this issue?
The Week In Bitcoin
The Week In Bitcoin is a curated newsletter that's sent to your inbox every Friday filled with all the most important Bitcoin and blockchain tech news. It takes 10 minutes to read and gives you all the essential news. So subscribe now and find out why many of the industry's biggest names get their weekly dose of Bitcoin news from us.
Carefully curated by The Week In Bitcoin with Revue. If you were forwarded this newsletter and you like it, you can subscribe here. If you don't want these updates anymore, please unsubscribe here.