Interoperability and Scalability Standards for Blockchains Are Needed

The introduction of interoperability and scalability standards will help greatly to develop blockchain technology. This is the main claim made in a recent report to European Union. The publisher of this report is the European Union Blockchain Observatory and Forum, and was released on March 6 with the title “Scalability, Interoperability and Sustainability of Blockchains.” ConsenSys, a blockchain software technology company based in New York, penned the report.

The report discusses the current state of blockchain in Europe, and provides insight into its potential future based on the input that different stakeholders and sources provide. The report calls for the development of standards for digital identities and interoperability between blockchains. The report says that: “we can expect that over time it will become easier and easier for disparate blockchains to work together. This will be to the benefit of the ecosystem as a whole.”

The report recognizes that “currently the EU is active in supporting blockchain research in a number of ways,” but also points out the need for even more support for basic research and implementation of infrastructure-related projects. Otherwise, the EU can lag behind the United States and China, two countries that have already assigned large funding for blockchain research.

Policy makers and industry stakeholders should cooperate to improve and develop blockchain technology, the report concludes.

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