Recurring Transactions on the Distributed Ledger Technologies (DLTs)
Scope
This standard provides a common framework for recurring transactions using blockchain and distributed ledger technologies (DLTs). The framework addresses digital agreement creation, recurring transactions processing, and transaction settlement. The standard applies to both permissioned and permissionless DLT networks.
Policies and Procedures
Details regarding the policies and procedures will be provided in subsequent sections to ensure comprehensive guidelines and standards for the effective implementation of recurring transactions.
Frequently Asked Questions (FAQ)
What is the purpose of this standard?
This standard aims to provide a framework for the implementation and management of recurring transactions using blockchain and DLTs, ensuring security, consistency, and interoperability.
Who can benefit from this standard?
Organizations and individuals involved in economic and financial engagements can benefit, including those in banking, finance, supply chain, and other sectors that require recurring transactions.
How does this standard ensure security?
The standard incorporates robust security protocols and data management strategies to maintain transactional integrity and privacy.