Australian Blockchain Emphasizes Standards and Regulation

What’s a regulatory priority: According to Standards Australia it’s getting bockchain terminology right. A Roadmap has been published by the group that says terminology is the first standard that must be developed.

Standards Australia hopes to identify technological vocabulary necessary for blockchaim and then prioritise development of those standards.

Blockchain technology, the underlying system that facilitates bitcoin trading, is a shared, distributed ledger that can store the complete transaction history of not just cryptocurrency but other kinds of records as well.

Once the terminology is settled, other issues can be made clearer. Additionally, the standards body indicated that interoperability among systems was another major blockchain goal.

“The emergence of new and exciting applications of blockchain and distributed ledger technologies present far-reaching opportunities for Australia and its international partners,” said Standards Australia CEO Dr Bronwyn Evans.

Blockchain has the potential to support efficient and secure real-time transactions across a large number of sectors; from enabling efficient and accurate financial services to providing visibility along the supply chain, and from streamlining government services to delivering confidence in identity accuracy to consumers, blockchain and DLTs have the capacity to revolutionise the way we do business.

Regulation and standards both play a big role though it is not quite clear why the standards body puts such a heavy emphasis on regulation.

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