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Australia to lead international blockchain standards committee

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Sep 15, 2016

On September 15, 2016, Standards Australia announced that it will manage the secretariat of an international technical committee for the development of blockchain standards after the International Organization for Standardization (ISO) approved Standards Australia’s proposal for new international standards on blockchain.

Blockchain is an emerging peer-to-peer database tool for recording transactions. By removing the need to reconcile transactions externally, blockchain has the potential to make interactions more efficient, less expensive and safer working to respond to the risks and opportunities on the path to a sustainable future. International blockchain standards will play a key role in creating greater market certainty and confidence while supporting regulation of financial transactions, commodity exchanges and asset transfers.

Joining Australia on the technical committee are 35 ISO member bodies including Germany, USA, Canada, Estonia, France, Japan, UK, and Korea.

Re­view the press release on the Standards Australia web­site.

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