The IEEE is moving a framework for blockchain governance through the P2145 Blockchain Governance Standards Working Group. The framework provides guidance on structure, roles and responsibilities between blockchain participants. It is good practice to document these as the project begins and a governance document sample outline is included. Defining roles is especially critical to provisioned distributed ledgers like Hyperledger. The IEEE work can be applied to provisioned ledgers or public blockchains (like Ethereum) and will likely be released in 2023.

A couple of years ago, the World Economic Forum published a review of standards efforts and included some fair criticisms of efforts up to that time. The upcoming IEEE work addresses the “gaps and overlaps” cited in the report by concentrating on a framework applicable to different blockchain types.

The ISO 22739:2020 standard is another good resource for definitions and jargon clarification. I encourage all vendors to use the ISO definitions to avoid confusing users.

In 2021, the IEEE published 2140.2-2021 which defined the technical aspects of asset management in cryptocurrency exchanges. They did not address business practices like those used at the recently failed exchange.

Standards help all parties clarify business responsibilities. The technical details behind blockchain can be jolting and the work of these standards groups will help reduce chaos.