Australia to lead International Blockchain Standards Committee

Blockchain (or distributed ledger technology) is a rapidly evolving technology with implications that are still being understood (see our Digital Business blog for a number of articles that discuss its significance).

In 2016, the International Standards Organisation ("ISO") established a technical committee ISO/TC 307, to consider the Standardisation of blockchains and distributed ledger technologies to support interoperability and data interchange among users, applications and systems.

On 6 March 2017, Standards Australia, the peak not for profit Standards organisation in Australia announced that it will manage the secretariat of an international committee.

In the press release the Australian Treasurer Hon Scott Morrison MP said that "developments in technology have the potential to re-engineer transactions across the economy and that this positions Australia as a leading global player in this exciting new technology".