Australia asks ISO to set unified global standards for blockchain technology

Australia’s standards body, Standards Australia, has asked the International Organization for Standardization (ISO) to set global standards for blockchain technology.

The Geneva-based ISO international standards-setting body, widely regarded as the foremost global standards authority, has received a request from the Australian parliament to set global standards for blockchain technology.

Standards Australia is one of more than 160 global members and representatives accredited by ISO.

Standards Australia chief executive Adrian O'Connell announced their request to ISO in an interview with The Australian .

Adrian O'Connell

He expressed his opinion that distributed ledgers need to have an ISO standard certificate:

“Enabling blockchain interoperability between different blockchain traders around the world is key to unlocking the potential of blockchain. This requires global standards to unlock the potential of blockchain, and the best way to achieve this is through ISO.”

Obviously, ISO only needs the support of five members for a proposal to be passed, so the Australian proposal is very likely to be passed.

“We have made our interest in the blockchain space clear by approaching ISO to establish a blockchain technical committee.”

He noted that while the R3CEV consortium of banks, stock exchanges, service firms and healthcare companies are researching and developing distributed ledger applications for various industries, there is a lack of an interoperable global standard to promote innovation.

He believes:

“While there are many groups working on blockchain projects, no one is working hard to set the technical standards and interoperability standards that blockchain needs. That’s where ISO comes in.”

Although Australian banks have repeatedly taken tough measures against Bitcoin companies by shutting down basic banking services, Australia has opened its doors to the financial technology and blockchain sectors.

For example, the Australian Securities Exchange (ASX) was the first exchange to adopt a distributed ledger solution for post-trade stock markets, and the ASX has invested A$14.9 million in New York blockchain startup Digital Asset Holdings for a 5% stake in the company.

The partnership also sees Digital Asset develop and offer distributed ledger solutions that will be compatible with ASX’s existing clearing systems.

Original article: https://www.cryptocoinsnews.com/australia-calls-global-iso-blockchain-standards/
Author: Samburaj Das
Compiled by: Kyle
Source (translation): Babbitt Information (http://www.8btc.com/iso-blockchain-standards)