Australia in driving seat as global blockchain standards take shape

Westpac director Craig Dunn will tell China this week that more engagement from its technology leaders will help the global standards-setting process for blockchain, which Australia is leading, to create guidelines that will reduce the cost of deploying the emerging technology across the global economy.

An Austrade trade delegation arrived in China over the weekend ahead of this week’s Wangxiang Global Blockchain Summit in Shanghai. Australia is chairing the International Standards Organisation (ISO) group developing standards for blockchain and distributed ledgers and Mr Dunn is chairing the work.

He told The Australian Financial Review ahead of a keynote address at the summit that “if you are going to have an international standard, given the significance of their work in blockchain, we need to have China involved”.

China is deeply interested in the work of the so-called ISO “technical committee 307”, which Australia chairs, given the potential for the new technology to create a new “internet of value”. Proponents believe blockchain will underpin a significant amount of future global commerce and trade. Common technical and operating standards could reduce costs of developing the technology, by encouraging interoperability and market access while engendering trust in the new systems.

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Source: Australia in driving seat as global blockchain standards take shape | afr.com