Australia pushes ISO for blockchain standards
Australia’s peak standard-setting body, Standards Australia, is calling on the International Standards Organisation to begin work on global standards for blockchain.
The organisation has asked the Geneva-based ISO to begin working on standards for blockchain, the technology behind digital currency bitcoin, offering the assistance of Australian expertise.
The ASX has recently taken a stake in New York-based Digital Asset Holdings, which is working on the potential to use its blockchain technology to help replace its CHESS sharemarket clearing system, while the Australian banks are also reviewing the potential uses of the distributed ledger technology.
“We have had sufficient stakeholder support to put this proposal to the ISO,” Standards Australia’s acting chief executive, Adrian O’Connell told The Australian yesterday.
“Having interoperability between the different blockchain traders around the world will be key to unlocking the potential for blockchain.”
“It requires international standards to help unlock its potential and the best means to do it is through the ISO.”
Standards Australia is a member of the ISO which has more than 160 members around the world.
Mr O’Connell said he expected the ISO to agree to take up the issue after the proposal was put to its members. The ISO requires the support of only five members to take up an issue once it has been proposed by a member.
“I would be very surprised if they didn’t take this opportunity to develop standards for blockchain given all the research and information which is now available on it,” he said. “By seeking to have the ISO set up a technical committee on blockchain, we are making it clear we are interested in this area.
“It will give Australia an opportunity to be in the box seat to help determine what blockchain will be able to deliver.”