Date of Award

5-2024

Document Type

Project

Degree Name

Master of Science in Information Systems and Technology

Department

Information and Decision Sciences

First Reader/Committee Chair

Dr. Tony Coulson, Committee Member, Chair

Abstract

Blockchain technology, originating from Bitcoin's inception in 2008, has garnered significant interest across various industries, particularly finance. With the global blockchain market projected to reach $39.7 billion by 2025, the imperative for standardization to ensure trust, security, and compatibility across diverse blockchain implementations is evident. This culminating experience project focused on answering the following question: How can standardization be effectively navigated to facilitate the adoption and implementation of blockchain technology in financial institutions?

The key findings are as follows: (a) there is a need to explore the many challenges encountered in standardization efforts, including (i) regulatory compliance, (ii) consensus building, and (iii) the dynamic technological landscape. Efforts to tackle these challenges include: (i) aligning strategically with regulations, (ii) employing consensus-building mechanisms, and (iii) implementing dynamic standardization processes. The conclusion is that it is important to build consensus among the key standardization players including bodies like ISO/TC 307, ISO/TC 68 Financial Services, and the European Union Agency for Cybersecurity (ENISA) in shaping blockchain adoption within the financial sector. Areas for further study include using a case study research approach to examine successful blockchain implementations, performing longitudinal studies tracking the progression of blockchain standards, and the exploration of stakeholder perspectives to inform more comprehensive and effective standardization strategies.

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