The global cryptocurrency industry has matured to a point that numerous ‘coins’ and hundreds of exchanges exist in the marketplace, accounting for payments exceeding $1 million USD each day. One of the primary hindrances to additional industry growth is that the coins in use rely on their own specifications based on their own blockchain systems; there are limited standards to support the booming market and help protect investors and service providers.
The IEEE Consumer Technology Society Blockchain Standards Committee has formed the IEEE Cryptocurrency Exchange, Cryptocurrency Payment and Trusted IoT Data Management working groups to address the need, and two series of standards-development projects are underway.
The IEEE P2140™ series of standards is intended to define general requirements and a framework for cryptocurrency exchange:
- IEEE P2140.1™ Draft IEEE Standard for General Requirements for Cryptocurrency Exchanges
- IEEE P2140.2™ Draft IEEE Standard for Security Management for Customer Cryptographic Assets on Cryptocurrency Exchanges
- IEEE P2140.3™ Draft IEEE Standard for User Identification and Anti-Money Laundering on Cryptocurrency Exchanges
- IEEE P2140.4™ Draft IEEE Standard for Distributed/Decentralized Exchange Framework using DLT (Distributed Ledger Technology)
- IEEE P2140.5™, Draft IEEE Standard for Custodian Framework of Cryptocurrency
The IEEE P2143 series is intended to define the general process, evaluation and risk control for cryptocurrency payments:
To achieve their goal of creating globally relevant, industry-level standards, the IEEE Cryptocurrency Exchange, Cryptocurrency Payment and Trusted IoT Data Management working groups seek the contributions and insights of more cryptocurrency stakeholders from around the world.
