The International Organization for Standardization (ISO), an independent, non-governmental international organization with a membership of 163 national standards bodies, has revealed that it is working on international blockchain standards.
A new ISO technical committee has defined the areas for future standardization work. An inaugural meeting of ISO TC 307 Blockchain and electronic distributed ledger technologies was recently held in Sydney. It brought together international experts from over 30 countries to set the future course of standardization in this area, and formed five key study groups for standard development:
- 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, ISO’s member for Australia, said blockchain technology can have huge implications in business and government.
“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.