Creating international blockchain standards will not be an easy feat. Australia is poised to lead the international discussions, as they will act as secretariat of a technical committee. The country has proposed this committee to the International Organization for Standardizations, which approved the idea. But what does all of this even mean for blockchain and cryptocurrency enthusiasts?
Global Blockchain Standards Are Coming
Standards Australia is the group that will lead the charge for establishing international blockchain standards. Dr. Bronwyn Evans, CEO of Standards Australia, mentioned the group will be responsible for supporting interoperability among systems. There will also be a focus on privacy, terminology, and most importantly, security.
The Standards Australia CEO went on by stating:
“Leading the ISO blockchain committee will place Australia in the perfect position to help inform, shape and influence the future direction of international standards to support the rollout and deployment of blockchain technology. This exciting initiative will put Australia at the centre stage of global innovation and digital disruption.”
Everyone in the world seems convinced the blockchain will shape up the financial industry. But its use cases extend far beyond banking and payments as well. International standards can help nurture development across different industries.