The first financial blockchain standard is currently in development

Ant Financial leads the development of the first financial blockchain standard for IEEE

The first financial blockchain standard is currently in development. Source: shutterstock.com

Ant Financial has proposed and is leading the development of the first financial blockchain standard for the Institute of Electrical and Electronics Engineers (IEEE), the world’s largest professional technical organization that develops industry standards across a broad range of technologies. The standard, called “Standard for Blockchain Use in Supply Chain Finance,” officially passed the expert review and project approval phase in early December 2018.

The standard that was proposed by Ant Financial defines a general framework for deploying blockchain technology in supply chain finance and cover areas including the stakeholder model, the typical workflow and the necessary technological and security requirements. The standard now forms a key project within IEEE’s Hangzhou Blockchain Initiative Branch to be discussed at its meeting on December 21.

Blockchain technology is poised to benefit the industry by reducing the cost of labor, increasing security and bringing transparency to the entire supply chain. Blockchain technology is also expected to enhance the financial capabilities of small and medium-sized enterprises by allowing them to receive supply chain loans more quickly and efficiently.

The development of the new financial blockchain standards is another important step towards the broader application of this promising technology.

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