Standards are necessary to insure that products from different companies are compatible. By establishing a well-examined standard, the industry can produce a more trustworthy product. Even a safe protocol is more trusted by customers after it becomes a standard, because of the ratification process involved. The government, private industry, and other organizations contribute to the vast collection of standards on cryptography. There are many types of standards, some used within the banking industry, some internationally and others within the government.
Standardization helps developers design new products.
Instead of spending time developing a new standard, they can follow a pre-existing standard throughout the development process. With this process in place consumers have the chance to choose among competing products or services.