Standards Australia, the country’s standards authority, has submitted a blockchain standards proposal to the Geneva-based International Organization for Standardization (ISO).

The Australian body made the request to the ISO to give financial institutions interested in the technology a common framework, which is needed to bring blockchains into the financial system on a global scale.

CEO of Standard Australia, Adrian O’connell, told The Australian

that there is enough support in the organization for this proposal and that blockchain-based securities clearing systems – like the one the ASX is currently working on with New York-based firm Digital Asset Holdings – need a common standard.

O’Connell explained:

“Having interoperability between the different blockchain traders around the world will be key to unlocking the potential for blockchain.”

The ISO has in excess of 160 members globally and Standards Australia is a member. According to O’Connell, the ISO is very likely to consider the proposal as only five members are required to give their approval, “I would be very surprised if they didn’t take this opportunity to develop standards for blockchain given all the research and information which is now available on it,” he said.

O’Connell views the standards proposal as strategically important for Australia as it will position the country in a leading role in the private blockchains industry, “It will give Australia an opportunity to be in the box seat to help determine what blockchain will be able to deliver.” said O’Connell.

And O’Connell isn’t the only one in Australia who believes in the monumental potential of the technology. In March of this year, Australia Post CEO Ahmed Fahour, said that the technology can be used to securely manage the digital identities of Australian citizens.

 

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