The Depository Trust & Clearing Corporation (DTCC) is a financial institution specializing in clearing and settlement services in the financial market, about $1.5 quadrillion transactions per year.
Last year they held the first ever Blockchain Symposium surveying the audience made of industry leaders on the future of blockchain. Among the concerns of the industry are data privacy and security (12%), scalability (21%), business case and cost of integration (32%), and legal concerns (12%), and other concerns (4%).
This year however, while business case and cost of integration still remains a concern for the industry (33.8%), a new category: Interoperability (20.3%) is a concern for many in the industry. In essence, interoperability for blockchain is the ability of different institutions, organizations, and companies to create a consortium. Due to the nature of blockchain, there needs to be a set of standards with the use of the technology. The biggest problem is how do we decide who gets the most influence in setting these standards for blockchain. This is mainly due to the fact that there are a lot of players in this new technology, and that there are many companies who wish to have the most influence in setting these new standards.
In my opinion, whether or not a consortium is able to take place, there is no doubt that apart from legal regulations, that there needs to be a standard for blockchain. Having a standard minimizes duplicate efforts, and promotes innovation and competition on an even playing field. This allows us to push beyond the boundaries of what we can actually achieve with blockchain.
Sources:
http://www.coindesk.com/blockchain-adoption-optimism-fades-at-dtcc-fintech-event/
http://www.coindesk.com/double-standards-the-push-for-blockchain-interoperability-could-get-messy/