Standards Australia Unveils Roadmap For Blockchain Standards

The world of blockchain and distributed ledger technology continues to gain more recognition than ever before.Particularly the Australian fintech sector has taken a liking to this concept, and it appears as if more efforts are underway to bring this technology to the mainstream. A brand new blockchain standards roadmap has been introduced by Standards Australia.

A New Era of Blockchain Technology In Australia

It is positive to see officially recognized bodies pave the way for blockchain technology in specific countries. Particularly Australia could prove to be the next innovative frontier for distributed ledgers, thanks to new standards being introduced. Standard Australia is quite keen on paving the way for distributed ledgers to become part of the national fintech sector sooner rather than later.

The new Roadmap for blockchain standards is quite an intriguing report. Standards Australia will ensure security and interoperability of blockchain systems in the country. The goal is to create an international standard for blockchain technology moving forward. It is thanks to the Fintech Australia blockchain members – who weighed in on the development of this roadmap – this new report can be used as a guideline. Ensuring these new standards are fintech-friendly is the top priority for the time being.

Considering how distributed ledgers can shake up virtually every business model in the world, these new standards will make quite an impact in Australia. Sparking innovation is important, even though a growing number of local fintech startups are already working on implementing blockchain into their products and services. AgriDigital, for example, is the world’s first startup to successfully settle a physical commodity on a blockchain between the grower and buyer. A very exciting development that goes to show how powerful distributed ledgers can be.

For the time being, it remains unclear if ay new entrepreneurs and startups will venture into the world of blockchain. Introducing new standards with the aim of turning them into international guidelines, it only appears to be a matter of time until more advancements are made in the field of distributed ledger technology.This technology is of interest to many enterprises already, yet it remains to be seen when viable projects will start coming to life. In the end, this is a positive development for blockchain technology in general.

Header image courtesy of Shutterstock