Bitcoin was developed as a way not to be reliant on the banks, but to be able to transfer value globally without using centralised systems and governments. It is therefore ironic that, while there is increasing recognition for tokens/coins/cryptos (Digital Assets) to be widely accepted, Blockchains will need to embrace core rules in order to have agreed standards and definitions.

There are several entities trying to tackle this challenge:

 Global Digital Finance (GDF), based in the UK - “endeavours to drive efficient, fair and transparent crypto asset markets by building a knowledge base and best practice for ‘Truly Digital’ finance and the benefits tokens can bring all market participants.”

The International Token Association (ITA) is a German-based association that specialises in the identification, classification, and analysis of Blockchain-based tokens.

International Standards Organisation (ISO) has established ISO/TC 307 - “blockchain and distributed ledger technologies, which have been set up to meet the growing need for standardization in this area by providing internationally agreed ways of working.”

The Enterprise Ethereum Alliance  - “an organisation whose charter is to develop, open blockchain specifications that drive harmonisation and interoperability for businesses and consumers worldwide.”

So, the list goes on, with no real dominant body yet emerging that has been able to create a common set of rules and guidance for all to follow. The ‘cyber punks’, who were the earlier adaptors of Blockchain (in particular, Cryptocurrencies) will no doubt recoil at the thought of central guidance and, dare it be even said, rules. However, for governments and multinational corporations to have a set of standards/rules according to which they can work and build procedures and systems around will be music to their ears.

Interestingly, we have already seen increasing use of private Blockchains, such as JP Morgan’s Quorum, Maersk’s Tradelens and BP Vakt (previously as fierce competitors) now working together in a more collaborative manner using the same Blockchain-powered platforms. However, it is highly unlikely we will see any of the proposed Central Bank Digital Currencies (CBDC) being run on a private Blockchain and being fully decentralised.