Last September, Standards Australia was chosen by the International Organization of Standardization (ISO) to lead a committee dedicated to the creation of global standards for blockchain technology. In a new report released this month, the group offers a roadmap that attempts to identify technical issues and relevant use cases, while prioritizing the development of those standards necessary to supporting broader acceptance and use of distributed ledger technology.
The development of industry standards is viewed by many in the community as an essential component in the broader effort to build market confidence for the technology and its application. The report recommends that the group first prioritize standards for terminology, security, privacy, identity, risk, and governance, before addressing the development of a reference architecture standard for the technology.
The Australian government has thrown its weight behind the effort as well, providing $350,000 in government funding for standards development over the next four years. In a statement of support offered last September, Australian Treasurer Scott Morrison praised the effort:
“Establishing standards around this emerging technology will provide a common language for industry, policy makers, regulators and technology developers. This will provide a basis for ensuring interoperability as this technology becomes more widely used.”