Standards Australia is playing an instrumental role in global blockchain standardisation.
Blockchain, at the broadest level, is a digital platform that records and verifies transactions in a public and secure manner. It is a decentralised, cryptography based solution with the potential to redefine transactions and the back-office of a multitude of different industries.
In April 2016, Standards Australia submitted a New Field of Technical Activity (NFTA) proposal on behalf of Australia for the International Organization for Standardization (ISO) to consider developing standards to support blockchain technology.
The proposal included the establishment of a new ISO technical committee responsible for blockchain standards topics including interoperability, terminology, privacy, security and auditing. This decision resulted in the creation of ISO/TC 307, Blockchain and Distributed Ledger Technologies
In September 2016, the proposal was approved and Australia was selected to manage the Secretariat of ISO/TC 307.
ISO/TC 307 meets twice a year. Work is progressing in many areas including reference architecture, terminology, smart contracts, governance, security and identity. Separate study groups were established to focus on use cases and interoperability, and additional research is underway on supply chain and trade facilitation, security evaluation of consensus models, and data flow.
Prior to the inaugural meeting of ISO/TC 307, Standards Australia established the mirror committee IT-041, Blockchain and Distributed Ledger Technologies
, to provide an Australian voice to inform our vote at the ISO level.