Skip to main content
SpringerLink
Log in

Standardization of Blockchain Distributed Ledger Technology: Global Trends, Opportunities and Challenges for Remote Investment Transactions

  • Chapter
  • First Online:
Remote Investment Transactions in the Digital Age

Part of the book series: Intelligent Systems Reference Library ((ISRL,volume 250))

Abstract

Based on a cross-disciplinary approach, this chapter examines the evolving processes of blockchain distributed ledger technology (DLT) standardization as a critical step on the path to the integration of the key elements in digital remote investment transactions (RIT) ecosystem, which determines the effectiveness of RIT participants’ interaction in the digital economy. The authors describe the factors that define the current dynamics of the blockchain distributed ledger market (DLM) and identify prospects for its development. The impact of standardization on the building of public trust in blockchain DLT, which serves as a basis for growing market demand and widespread use in financial and investment activities, including the implementation of RIT, has been substantiated. The chapter studies the first experience in blockchain DLT standardization on different levels of the global economy—from the nation states (using examples of Germany, China, Russia and Kazakhstan) to the integration unions (standardization within the EU and EAEU) and international standards organizations. By way of discussion, the authors emphasize critical and open-ended questions related to the RIT-class application solutions and the underpinning digital technologies’ research and development, which could define the future of unification, standardization, and integration of the RIT system key components processes.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 149.00
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Hardcover Book
USD 199.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

References

  1. Bharti, M., Sandeep, J., Smera, C.: Blockchain and its integration in IoT. In: Smys, S., Lafata, P., Palanisamy, R., Kamel, K.A. (eds.) Computer Networks and Inventive Communication Technologies. Lecture Notes on Data Engineering and Communications Technologies, vol. 141 (2023). https://doi.org/10.1007/978-981-19-3035-5_53

  2. Blockchain Distributed Ledger Market by Component, Type, Enterprise Size, Application and End User: Global Opportunity Analysis and Industry Forecast, 2020–2027. Allied Market Research (2021)

    Google Scholar 

  3. Blockchain Distributed Ledger Technology Market Size—Global Industry, Share, Analysis, Trends and Forecast 2022–2030. Acumen Research and Consulting (ARC) (2022)

    Google Scholar 

  4. Blockchain Market Size, Share, Trends and Analysis by Region, Application, Vertical and Segment Forecast to 2030. Report Code: GRCBBR00011TC. GlobalData (2022)

    Google Scholar 

  5. Blockchain Platform Masterchain. https://www.masterchain.ru/products/masterchain/ (2023). Accessed 18 Sep 2023

  6. China Assembles Technical Committee for National Blockchain and Distributed Ledger Standards. China Banking News 14 April (2020)

    Google Scholar 

  7. China Releases First National Standard for Blockchain Technology. Global Times June 02 (2023)

    Google Scholar 

  8. Chui, M., Nadeau, M.-C.: What is Blockchain? McKinsey & Company, 5 Dec 2022

    Google Scholar 

  9. Cryptocurrencies and Blockchain as Attributes of the New Economy. Eurasian Economic Commission, Moscow (2019)

    Google Scholar 

  10. DIN standards. Deutsches Institut für Normung. https://www.din.de/en/about-standards/din-standards/deliverables (2023). Accessed 16 Sep 2023

  11. Distributed Ledger Technology (DLT) and Blockchain. FinTech Note 1. International Bank for Reconstruction and Development, the World Bank (2017)

    Google Scholar 

  12. Druzhinin, I.: The thorny path of blockchain technologies standardization in Russia. https://habr.com/ru/articles/533682/ (2020). Accessed 26 Jul 2023

  13. Feng, C.: China makes up 84 per cent of blockchain applications worldwide. South China Morning Post 22 September (2022)

    Google Scholar 

  14. Global Blockchain Distributed Ledger Market Size, Forecast, 2024–2032. Expert Market Research (2023)

    Google Scholar 

  15. Global Standards Mapping Initiative: An Overview of Blockchain Technical Standards. White Paper, October 2020. Global Blockchain Business Council, World Economic Forum (2020)

    Google Scholar 

  16. Hammi, A., Jinugu, A., Bouaoud, M., Hefnawy, A., Bouras, A.: Blockchain technology regulation: time for standardized frameworks. In: Bouras, A., Khalil, I., Aouni, B. (eds.) Blockchain Driven Supply Chains and Enterprise Information Systems. Springer, Cham (2023). https://doi.org/10.1007/978-3-030-96154-1_10

  17. Innovation and Import Substitution: Corporate Experience and Prospects for Import Substitution in 2023. Internet Initiatives Development Fund, Moscow (2023)

    Google Scholar 

  18. Inshakov, O.V.: Systems-Level Analysis of the Object, Subject and Method of Economics. Izvestia Sankt-Peterburgskogo gosudarstvennogo universiteta ekonomiki i financov [Proceedings of the St. Petersburg University of Economics and Finance], vol. 4, pp. 5–18 (2004)

    Google Scholar 

  19. Kharpal, A.: China has been Quietly Building a Blockchain Platform. CNBC, 15 May 2022

    Google Scholar 

  20. König, L., Korobeinikova, Y., Tjoa, S., Kieseberg, P.: Comparing blockchain standards and recommendations. Futur. Internet 12(222) (2020). https://doi.org/10.3390/fi12120222

  21. Legg, S., Hutter, M.: A Collection of Definitions of Intelligence. Technical Report. IDSIA-07-07. https://arxiv.org/pdf/0706.3639.pdf (2007). Accessed 20 Jul 2023

  22. Legg, S., Hutter, M.: Universal intelligence: a definition of machine intelligence. Minds Mach. 17(4), 391–444 (2007)

    Google Scholar 

  23. Li, J., Tang, X.: Roadmap of blockchain standardization. In: Tang, X., Deng, X., Bie, R. (eds.) Blockchain Application Guide. Springer, Singapore (2022). https://doi.org/10.1007/978-981-19-5260-9_12

  24. Moro-Visconti, R., Cesaretti, A.: Blockchains, internet of value, and smart transactions. In: Digital Token Valuation. Palgrave Macmillan, Cham (2023). https://doi.org/10.1007/978-3-031-42971-2_6

  25. National Standardization Plan: Kazakhstan Institute of Standardization and Metrology (2023). https://www.ksm.kz/activities/sp/plan/ (2023). Accessed 18 Sep 2023

  26. New Technology for Inclusive and Sustainable Growth—Perception, Challenges and Opportunities. In: Inshakova, E.I., Inshakova, A.O. (eds.) Smart Innovation, Systems and Technologies, vol. 287 (2022). https://doi.org/10.1007/978-981-16-9804-0

  27. Number of compromised data records in selected data breaches as of April 2023. Statista. https://www.statista.com/statistics/290525/cyber-crime-biggest-online-data-breaches-worldwide/ (2023). Accessed 12 Sept 2023

  28. Penrose, R.: The Emperor’s New Mind: Concerning Computers, Minds and The Laws of Physics. Oxford University Press (1989)

    Google Scholar 

  29. Russia: Leaks of restricted access information in 2022. Analytical report. InfoWatch. https://www.infowatch.ru/analytics/analitika/utechki-informatsii-ogranichennogo-dostupa-v-rossii-za-2022-god (2023). Accessed 12 Sep 2023

  30. Searle, J.: Minds, Brains, and Programs. Behav. Brain Sci. 3(3), 417–457 (1980)

    Google Scholar 

  31. Significant Data Leaks in 2022. Analytical report from Kaspersky Lab. https://go.kaspersky.com/rs/802-IJN-240/images/Kaspersky_Data_leakage_report_2022.pdf (2023). Accessed 17 Jul 2023

  32. Taleb, N.N.: The Black Swan. The Impact of the Highly Improbable. Penguin (2010)

    Google Scholar 

  33. Technical committees for standardization’s performance ranking based on the results of their work in 2022. Rosstandart. https://www.gost.ru/portal/gost/home/activity/standardization/techcom?portal:%20 (2023). Accessed 17 Sep 2023

  34. Understanding Blockchain: Blockchain Council. https://www.blockchain-council.org/category/blockchain/ (2023). Accessed 12 Sep 2023

  35. Zharkova, T., Chuburkov, A.: Tower of Babel. Why Blockchain Needs a Standard. Technical Committee 26 on Standardization “Cryptographic Information Protection” (TC 26). https://tc26.ru/events/smi-o-nas/vavilonskaya-bashnya-pochemu-blokcheynu-nuzhen-standart.html (2023). Accessed 17 Sep 2023

Download references

Author information

Authors and Affiliations

  1. Volgograd State University, Volgograd, Russia

    Elena I. Inshakova & Alla E. Kalinina

  2. Federal Research Center “Computer Science and Control”, Russian Academy of Sciences (RAS), Moscow Institute of Physics and Technology (MIPT—National Research University), Moscow, Russia

    Michael I. Zabezhailo

Authors
  1. Elena I. Inshakova
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Alla E. Kalinina
    View author publications

    You can also search for this author in PubMed Google Scholar

  3. Michael I. Zabezhailo
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Elena I. Inshakova .

Editor information

Editors and Affiliations

  1. Department of Civil and International Private Law, Volgograd State University, Volgograd, Russia

    Agnessa Inshakova

  2. Department of Civil and International Private Law, Volgograd State University, Volgograd, Russia

    Denis Matytsin

  3. Department of Economics, Regional Economy and Entrepreneurship, Volgograd State University, Volgograd, Russia

    Elena Inshakova

Rights and permissions

Reprints and permissions

Copyright information

© 2024 The Author(s), under exclusive license to Springer Nature Switzerland AG

About this chapter

Check for updates. Verify currency and authenticity via CrossMark

Cite this chapter

Inshakova, E.I., Kalinina, A.E., Zabezhailo, M.I. (2024). Standardization of Blockchain Distributed Ledger Technology: Global Trends, Opportunities and Challenges for Remote Investment Transactions. In: Inshakova, A., Matytsin, D., Inshakova, E. (eds) Remote Investment Transactions in the Digital Age. Intelligent Systems Reference Library, vol 250. Springer, Cham. https://doi.org/10.1007/978-3-031-51536-1_2

Download citation

Publish with us

Policies and ethics

Search

Navigation