Understanding the landscape
of Distributed Ledger
Technologies/Blockchain
Challenges, opportunities, and
the prospects for standards
Advait Deshpande, Katherine Stewart,
Louise Lepetit, Salil Gunashekar
This research was funded by the
British Standards Institution (BSI)
For more information on this publication, visit rand/t/RR2223
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This research was funded by the British Standards Institution (BSI)
i
RAND Europe was commissioned by the
British Standards Institution (BSI) in January
2017 to carry out a rapid scoping study to
examine the potential role of standards in
supporting Distributed Ledger Technologies
(DLT)/Blockchain. This report documents the
results of the study, which was conducted
over a six-week period.1 DLT/Blockchain refers
to a type of database which is spread over
multiple locations (i.e. a distributed database)
and which can be used like a digital ledger to
record and manage transactions. Although
the technology is at a relatively early stage of
adoption and signifcant challenges remain, it is
becoming apparent that DLT/Blockchain holds
the potential for major opportunities across
several sectors. Furthermore, standardisation
efforts related to DLT/Blockchain have recently
gathered momentum with the setting up of the
International Organization for Standardization
(shortened to ISO) technical committee on
Blockchain and electronic distributed ledger
technologies.
In this report, we present an overview of the
current landscape of DLT/Blockchain develop-
ments and closely examine the issues that are
central to the development of DLT/Blockchain.
1 A summary version of this report can be found here: https://rand/pubs/external_publications/EP67133.html
2 For more information on RAND Europe, please see randeurope (as of 13 March 2017). For more
information on BSI, please see bsigroup.
We articulate a set of areas for further consid-
eration by DLT/Blockchain stakeholders regard-
ing the potential role of standardisation. Rather
than providing a defnitive list of topics, the aim
of the study is to provoke further discussion
across DLT/Blockchain stakeholders about the
potential role of standards in supporting the
development and adoption of the technology.
We carried out the research using a mixed
methods approach involving a focused review
of the literature, in-depth interviews with stake-
holders from public and private organisations,
and an internal workshop. Although the study is
primarily intended to inform the BSI’s approach
towards developing a standards strategy in
relation to DLT/Blockchain, it is also likely to be
of relevance to DLT/Blockchain stakeholders,
including policymakers, industry, other stand-
ards organisations (national and international),
and academia.
RAND Europe is a not-for-proft policy research
organisation that helps to improve policy and
decision making in the public interest, through
research and analysis.2 RAND Europe’s clients
include European governments, institutions,
NGOs and frms with a need for rigorous, inde-
pendent, multidisciplinary analysis.
Preface
iiUnderstanding the landscape of Distributed Ledger Technologies/Blockchain
For more information about RAND Europe,
BSI, this document or resulting work, please
contact:
Dr Salil Gunashekar
RAND Europe, Westbrook Centre
Milton Road, Cambridge CB4 1YG
United Kingdom
Telephone: +44 (1223) 353 329
E-mail: sgunashe@rand
Tim McGarr
British Standards Institution
389 Chiswick High Road, London W4 4AL
United Kingdom
Telephone: +44 (20) 8996 7221
Email: tim.mcgarr@bsigroup
iii
Preface i
Table of contents iii
List of fgures v
List of tables vi
List of abbreviations and acronyms vii
Acknowledgements viii
Executive summary ix
1. Introduction and overview 1
1.1.Background and context 1
1.2. Research objectives 4
1.3. Outline of the report 6
2. Study design and methods 7
2.1. Study design and scope 7
2.2. Description of methods 7
2.3. Limitations of the analysis 9
3. Assessing the challenges and opportunities in relation to DLT/Blockchain 11
3.1. Introduction 11
3.2.Challenges faced by DLT/Blockchain 12
3.3. Opportunities offered by DLT/Blockchain 24
3.4.Sector-specifc observations on the challenges and opportunities of DLT/Blockchain 30
3.5.Conclusion33
4. The prospective role of standards to support DLT/Blockchain 35
4.1.Introduction 35
4.2.The potential role of standards in supporting DLT/Blockchain 36
4.3.UK-specifc observations on the development of DLT/Blockchain standards 43
4.4.Conclusions 44
Concluding remarks 47
Bibliography 49
Table of contents
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