Professor Michael Mainelli is executive chairman of Z/Yen Group and principal advisor to Long Finance. His latest book, "The Price of Fish: A New Approach to Wicked Economics and Better Decisions," written with Ian Harris, won the 2012 Independent Publisher Book Awards Finance, Investment & Economics Gold Prize.
In this CoinDesk 2016 in Review special feature, Mainelli takes a comprehensive look at the current environment for blockchain standards – as well as the past precedent that may provide clues for how it could move forward.
Distributed ledger (aka blockchain) technology is crying out for standards.
Mutual distributed ledgers (MDLs), my preferred term for the tech, hold immense promise, providing multi-organizational databases with a super audit trail, owned by no one and everyone. Hence, the term "immutable ledgers", "widely distributed" and "mutual".
It's hardly surprising, then, that developers see a host of opportunities to transform business practices and offer new services, and businesses (although slightly less clear about the vision) see a host of opportunities to cooperate where it has been difficult before.
But businesses have been here before.Read Complete Article