The standards revolution: Who will first put this new kid on the blockchain?

Abstract

Blockchain is here to stay. Some affirm that it is the next big thing after the Internet. Blockchain is a network-based technology that rewards participants to assemble transactions which will next configure blocks and later be part of a chain. Blockchain guarantees immutability and integrity of data without the need of a third surveilling party. It is therefore a revolution in current systems of trust. It also brings automation and self-execution of processes thanks to its embedded smart contracts functionality. Current standards drafting and development processes can definitively benefit from blockchain technology, and perhaps see the standardization domain revolutionize, like it already happened in the fintech and insurtech arenas [1]. In this paper, we explain what these advantages are. And, before new standard drafting models emerge from the disruptive blockchain community, challenging traditional standard development models-with this paper-, we want to inspire and give tools to established standardization bodies for them to take the lead and initiate a transformation towards `Blockchained Standards' so that they can keep their authority and leadership in the field going forward.