Ethereum Enterprise makes the case for Blockchain Standards

Today at London’s Blockchain Expo, Jeremy Millar, board member of the Enterprise Ethereum Alliance (EEA), made a convincing case for the importance of standards. Some see standards as following innovation, but he argued they are critical to creating the network effect amongst enterprises. He also acknowledged they could be tedious.

Safeguarding network effects

Millar highlighted the accelerating rate of adoption of new technologies, with the relative slowness of internet adoption. Arguably it took 20 years for the internet to become almost ubiquitous. It took only 3-4 years for smartphones to gain critical mass. In the case of word processing, for example, Word, the financial benefit of the network effect went to Microsoft. Whereas in the case of blockchain, with crypto economics the profit goes to early adopters. This accelerates adoption and the network effect further.

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