The International Organization for Standardization (ISO) has announced that its newest technical committee promises to take things to the next level. The organization said that blockchain technology holds immense promise to revolutionize financial transactions.
The inaugural meeting of ISO TC 307 Blockchain and electronic distributed ledger technologies, recently held in Sydney, Australia, brought together international experts from over thirty countries to set the future course of standardization. They formed five study groups for standard development in this area: reference architecture, taxonomy and ontology, use cases, security and privacy, identity and smart contracts.
Craig Dunn, the chair of ISO/TC 307, for which the secretariat is held by Standards Australia, said that blockchain technology could have huge implications in business and government.
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“Blockchain technology is a means of achieving trust and security when making exchanges, without the need for oversight by a trusted third party, and can be effective building blocks for other initiatives like anti-corruption and fraud prevention,” he said.
“Future standardization in this area can take the development of these technologies to the next step by providing internationally agreed ways of working, stimulating greater interoperability, speedier acceptance and enhanced innovation in their use and application.”
Priority areas for standardization will be considered by the study groups as they prepare their reports for their next meeting in November, where future standards to be developed will be agreed upon.
ISO is the world’s largest developer and publisher of International Standards. It is a network of 163 national standards bodies, with a Central Secretariat in Geneva, Switzerland.