The Dream of Blockchain Adoption: Why Open Standards Are Key

The current blockchain ecosystem reminds me of those days.

My two cents is that the blockchain industry is expending far too much effort on differentiating its technology when it should really be looking at collaboration.

To make the dream of widespread enterprise and consumer adoption a reality, the blockchain industry must put foundational elements before long-term speculative opportunities.

Standards for consistency and interoperability are the keys to long-term growth and widespread blockchain adoption.

Blockchain identity is self-identity, verifiable and curated by yourself and your network, not a third party that controls the narrative.

The key to a strong and recoverable identity is being able to control it by one's self, rather than giving control to Google, Facebook, or the so-called "Big Three" of credit reporting-Equifax, Transunion and Experian.

As the number of tokens grows, the data size of the blockchain begins to become unwieldy.

Enterprise data stores or data lakes are the new normal with services tapping in from many different endpoints.

Interoperable standards for data exchange, common standards for on/off ramps for data along with comprehensive off-chain standards are mandatory for data-hungry enterprises.

Creating a new, general system that will allow a variety of different methods to be tried is valuable, even if it's just to learn from the system and create better governance standards in the future.