The Titan Implosion Highlights Industry Standards

The Implosion of the Submersible Titan begs the question:

How Important are Industry Standards?

• On June 18, 2023, the Titan submersible was taking passengers to see the wreckage of the Titanic when it lost communication with the mothership.
• Less than two hours after the dive started, the submersible went off radar, sparking a frantic search and rescue operation.
• On June 22, the US Coast Guard announced that debris found on the seabed confirmed that the submersible had imploded and that all five men on board were dead.

What Happened?

The Titan had refused to adhere to Maritime standards and security measures.

Although this story is dramatic and tragic, it is not unusual. Right now, as new technology continues to be built, developers, in many cases, are rebuffing industry standards.

Why? It’s certainly an easier and faster way to move forward. OceanGate CEO Stockton Rush had complained that strict regulations held back marine exploration even though the industry was “obscenely safe”.

Possibly a more compelling reason for blockchain projects not being assessed by a 3^rd party is that there are no established industry standards for blockchain and Web3.

But that situation has changed. Over the past several years, the Government Blockchain Association (GBA) Certifications and Standards Working Group has developed an industry standard for blockchain called the Blockchain Maturity Model (BMM). This rigorous certification assesses blockchain solutions across 11 elements on 5 levels. It is a game changer in the industry, and its stamp will prevent future FTX, Celsius, Terra luna, and other emerging tech implosions from happening.

Want to learn more? This November, the GBA will host their annual Blockchain & Infrastructure conference in Washington DC, and one of the panels will be on the Blockchain Maturity Model.

Are you building, acquiring, or thinking of investing in a blockchain solution? Make sure it has been assessed by the BMM and avoid future surprises.

Blockchain & Infrastructure, November 6-7, Washington, DC. Tickets are on sale now.