Australia To Lead International Blockchain Standardisation Project

Australia’s growing blockchain industry has received a much welcomed boost with the announcement that The International Organisation for Standardization (ISO) has agreed to appoint Australia to the position of secretariat for the international technical committee.

FinTech Australia welcomes the announcement and sees this as another positive signal for the development of the Australian blockchain ecosystem.

“The growing importance of Blockchain technology in the fintech space is becoming more and more evident,” said Danielle Szetho, Fintech Australia CEO.

“Australia has some great Blockchain Startups like Coinjar, Full Profile, FlashFX, Power Ledger and Finhaus Labs who are doing more than just proof of concepts, they’re putting Blockchain-powered products in the hands of consumers.”

“In this regard, taking the lead on ISO’s technical committee makes sense, and is great validation for Australia’s burgeoning fintech ecosystem,” she concluded.

FinTech Australia’s Blockchain subcommittee had provided input into the process early on when asked by Standards Australia to provide comment on their proposal to ISO.

Alan Tsen, Blockchain subcommittee lead for FinTech Australia said “This is a great boost to the local ecosystem and allows Australia to lead an important piece in developing standards for blockchain technology.”

“We have been very supportive of the idea that standards have an important role to play in developing an easy way for incumbents and startups alike to collaborate on growing the blockchain sector – both here and abroad” notes Alan.

FinTech Australia, though its work on policy and interfacing with stakeholders in the local ecosystem, has been a strong proponent of ensuring a level playing field for all actors in the fintech sector. Standards can play an important role in ensuring this.

FinTech Australia looks forward to seeing the outcomes of standardisation in the blockchain technology sector and will be endeavouring to support Standards Australia as they enter the next stage of the process.