Standardization enables huge leaps in productivity by taking things or processes that are used by a community repeatedly and in the same way, and ensuring that they are created or applied consistently. Intrinsically, they make sense. Standards in measurement let us do everything from share recipes to build skyscrapers. Without electrical standards, we wouldn’t be able to connect power grids across the world. The same stands for telecommunications and communicating with someone halfway across the globe. Our goal in this chapter is to give a background on standards and why they are important. The next chapter will explore standards within financial services.
Standards have history, starting back centuries when informal ...
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