Gregory Maciag: Smart Contracts

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Friday, 04 November 2016

Smart Contracts

In a workshop on “Smart Contracts, Blockchain and Data Standards” held in New York, XBRL International CEO John Turner talked about “the importance of defining trusted, well defined semantics in industry standards, urging those working in the field to think about interoperability, agreed semantics and agreed processes from the beginning in order to maximise the technology’s adoption.”

Hear, hear. Technology is a mature field – let's meet this latest wave with the professionalism we've earned. We've done enough retro-fitting of standards to know how beneficial it is to have standards in place from the get-go. Smart contracts are predicated on connectivity at the level of business semantics. There's no way smart contracts will make prime time without data standards. XBRL

Posted on Friday, 04 November 2016 | Permalink

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My latest book presents the challenges members face when adopting industry standards as well as the opportunities that come as a result. It features my discussions with many people over many years and follows the foundation I set in my first book "The Business Information Revolution".

Industry standards are never adopted in a vacuum. They become part and parcel of all the trials and tribulations managers face in their day to day work. ACORD Standards are always part of a larger software development project that brings along people, priorities and politics. Adopting industry standards isn't simple, but the benefits far outweigh the problems of building and maintaining proprietary alternatives.

I trust that you will appreciate my frankness, identify with some of the challenges and learn from what others have done to pave the way.

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