The organisation dedicated to the advancement of technology, IEEE (Institute of Electrical and Electronics Engineers) has involved Huobi, Tencent, Huawei and other major industry players to discuss blockchain standards.
At a recent IEEE meeting in Hong Kong, leading companies and institutions reportedly entered into a new partnership to develop industry standards that would help build consensus on projects in terms of blockchain transactions and payments.
In particular, the crypto exchange Huobi was involved in two back-to-back working groups on digital resources, in which eight blockchain standards were discussed.
A working group called P2140 was dedicated to the implementation of crypto payment standards such as performance metrics and risk control requirements.
The second group, P2143, was designed to develop five crypto exchange standards, which include user identification, money laundering and the custody framework.
In this regard, the President of Huobi Research, Yuan Yuming said:
“IEEE’s stellar industry reputation and meticulous discussion process are an asset to forming universally accepted international standards”.
Another testimony to the meeting’s success is Johnny Lin, a standards consultant who chaired the two project groups.
Lin said that both working groups were successfully introduced and that this first meeting covered a lot more about the project and its participants’ overview in terms of expertise and scope.
More meetings are scheduled for the future to continue the project on blockchain standards.
A very different situation from the blockchain standard discussed by the developer Chaals Nevile of the EEA – Ethereum Enterprise Alliance at the end of September 2019 during the Blockchain Live event in London.
Although the EEA is also an association dedicated to defining blockchain standards for businesses, the focus of Nevile’s speech was mostly on the adoption of the Proof of Stake versus the Proof of Work.