Compilation Of International Standards Setting Bodies
on standardisation, which will help in scaling up blockchain deployment across industries.
Technically, the BSN Alliance plans to solve the challenges of interoperability faced in blockchain environment by providing “cross-cloud, cross portal, cross-framework global infrastructure network used to deploy and operate all types of blockchain applications.” Based on clustering of technologies, it will create a permissioned blockchain ecosystem as the key infrastructure-of- infrastructure with vertical integration of cloud computing, 5G communications, IoT and AI. The deployment will involve two parts, first being creating the so-called public city nodes (data centres/ cloud computing resources). The second part is modification and refining protocols using state approved Chinese home- grown encryption to fit uniform standards, in areas such as cryptography and software development kits (SDKs), so that the different systems can work seamlessly with each other. Potential impacts on Malaysia Scalability and interoperability are two key challenges in deploying emerging digital technologies. “Standards” will play a key role to facilitate machine to machine communications where the PRC is taking a proactive stance as the global standards for the evolving blockchain and, in the larger form distributed ledger technology (DLT) has not been set, even though major consultations have taken place in a number of standards platforms involving multi countries inputs. (refer table 1 below). Questions about the impact on cybersecurity risks and data privacy would be some of the considerations on the consultative platforms where responses to be monitored by both public and private users. While China’s government big move into blockchain through BSN will provide a fresh impetus for the industry to scale, it is imperative for the domestic industry players to understand how they could develop profitable business on the back of this trend. Malaysia as a nation should deliberate on how this could impact cross border trade for smaller nations and, how best to navigate and benefit its local players from the new development. These are some of the early questions it poses for Malaysia to deliberate upon, with respect to China as its top trading partner. Digitalisation - the use of digital technologies to change a business model and provide new revenue and value-producing opportunities - is becoming a prerequisite for businesses.
Committee
Subject
ISO/TC 307
ISO Committee on Blockchain and Distributed Ledger Technology
UN CEFACT
The United Nations Centre for Trade Facilitation and Electronic Business (UN/ CEFACT
ITU-T Focus Group on Blockchain and DLT Decentralised Identity Foundation (DIF)
Assessment Framework for Use Cases
An engineering-driven organisation focused on developing the foundational elements necessary to establish an open ecosystem for decentralised identity and ensure interoperability between all participants.
GS1
Barcodes
International Securities Association for Institutional Trade Communication (ISITC) - Europe
Standards that are designed to enhance efficiencies in trade processing and related communications in capital markets
ACORD
Insurance
ISDA
Derivative Standards
Source: Malaysia Blockchain & DLT Report 2019, MIGHT
74
Malaysian Technology Strategic Outlook 2019/2020 Intergration of High Technology
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