Why do we need Blockchain standards?
Ensuring that this new and emergent technology will beneﬁt governments, industry and consumers requires an open and transparent standards process. Wide stakeholder involvement is critical to establishing a level playing ﬁeld where protocols and standards can be developed to encourage competition, support innovation and reduce barriers to trade. We are already seeing a proliferation of blockchains such as Ripple, Ethereum and NXT. Without international standards and supporting protocols the broad adoption and use of this technology will not be possible. Blockchain is still an emerging technology and issues such as data sovereignty, privacy, and lack of consensus are causing headaches for policy makers, regulators and industry alike. Notwithstanding, Australian stakeholders and government want this technology to be sustainable in the long-term. ISO and its members have an important role to play in making this a reality.
The proposed international standards for blockchain will focus on technical solutions that promote interoperability, and compatibility between existing systems. This will allow the technology to be more widely used and deployed. The work will exclude legal obligations and regulatory matters addressed by government jurisdictions. The proposed work program will see the development of International Blockchain
standards covering key technical aspects: terminology; process and method; IT privacy; cyber security; interoperability; and other key technical aspects of blockchain.