DIGITAL STANDARDS INITIATIVE (DSI)
As part of the promise to set rules and standards in trade, the International Chamber of Commerce (ICC) has set up the DSI (Digital Standards Initiative) as a new Standards Body for Trade.
As an independent entity, the DSI is set up to develop global and cross-industry standards and protocols enabling the next era in trade.
The DSI is the result of an industry-wide co-operation called Universal Trade Network (UTN) which has been initially started by Marco Polo Network, its members and R3.
In practice, the DSI will serve a similar purpose to that of the World Wide Web Consortium or IEFT (Internet Engineering Task Force), the bodies that maintain web standards and protocols.
The DSI has initially been funded by the Singapore Government, the Asian Development Bank and the ICC. It will expand its funding base more globally.
The DSI has incorporated a formal governance structure with cross-industry representation to deliver on its goals and mission.
Platforms like Marco Polo are the future infrastructure needed for the various applications out there. They help define and set standards, enable adoption and – more importantly for me – really drive some of the use cases around supply chain resilience and sustainability.
Oswald KuylerInternational Chamber of Commerce — Digital Standards Initiative (DSI)
Scope and benefits
The DSI is a fully inclusive industry initiative which includes a wide range of businesses like:
- Logistics companies
- Insurance providers
- Technology companies and Fintechs
- B2B networks
All distributed networks can join, and all parties involved in global trade can adopt these standards.
The core focus of the DSI is to power the adoption of standards that will allow for different DLT-powered trade platforms to facilitate the connectivity between these trade platforms and non-DLT networks.
Find out more about DSI here.