always have the edge over the traditional tech and one can always

start afresh using the right strategy of CoE set-up.

20.3 Blockchain Standards

Standards play a major role in engaging the organizations in

adoption with the much needed guidance. They also lead to

interoperability between different parties and help business to grow

together. Apart from this, the Blockchain projects also need to refer

to such standards in order to handle other factors like security,

governance, identity, and smart contracts. The following are a list of

such standards which are set up by some of the biggest Blockchain

communities in the world.

20.3.1 W3C

W3C is one of the biggest community in Blockchain. As per their

website, “The mission of the Blockchain Community Group is to

generate the message format standards of Blockchain based on

ISO20022 and to generate guidelines for usage of storage including

torrent, public Blockchain, private Blockchain, side chain and CDN”.

20.3.2 Open Standards

This is a body formed with the combination of IEEE, the Organisation

for the Advancement of Structured Information Standards (OASIS)

and the Internet Engineering Task Force (IETF). IEEE is working on

the standards of IoT along with Blockchain.

20.3.3 European Standardization Organization

It’s again a joint venture between European Telecommunications

Standards Institute (ETSI, in particular the ISG PDL), the European

Committee for Standardisation (CEN), European Committee for

Electrotechnical Standardization (CENELEC) etc., for bringing

common standards to Blockchain in Europe.

20.3.4 ISO/TC 307