IEEE P3271.01

New IEEE Standard - Active - Draft.
This project will develop standards for implementation of blockchain and distributed ledger based recurring payment methods potentially applicable in public services, banking, financing, insurance, real estate, commercial payments, online services and other industries. These standards are intended to fuel innovation and accelerate development of blockchain and distributed ledger technologies in the digital economy.

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 permissioned and permissionless DLT networks.
The purpose of this standard is to provide a resource for implementation of blockchain and distributed ledger based recurring payment methods in relevant industries, including public services, banking, financing, insurance, real estate, commercial payments, and online services. This standard provides a common framework to serve as a basis to fuel innovation and accelerate the development of blockchain and distributed ledger technologies in the digital economy.