Blockchains and smart contracts were meant to slash the costs of derivatives trading and fix the inefficiencies but two years after such promises came in trend, a foundational issue is yet to be ironed out.
Before traders and banks can rely on a distributed ledger technology as the vaunted "single evidence of truth," first needs to be better standardization. As it stands, they apply a hodgepodge of data formats and structures to track the life cycle of trades, showing in part the assortment of regulatory necessities imposed following the 2008 financial crisis.
[Video] Barclays, Goldman Champion ISDA Standard for Blockchain Derivatives
