Standards Australia, an independent and not-for-profit organization, announced that it will lead international blockchain standards committee after International Organization for Standardization (ISO) approved its proposal for new international standards on blockchain.

According to the official release, the ISO blockchain committee will have the task of developing standards which support interoperability among systems, privacy, security and terminology, the company CEO Bronwyn Evans stated.

“Leading the ISO blockchain committee will place Australia in the perfect position to help inform, shape and influence the future direction of international standards to support the rollout and deployment of blockchain technology,” Evans said. “This exciting initiative will put Australia at the center stage of global innovation and digital disruption.”

The international blockchain standards committee will see 35 ISO member bodies including Germany, USA, Canada, Estonia, France, Japan, UK, and Korea. The technical committee will play a significant role in producing greater market certainty and confidence. It will support financial transactions, asset transfers, and commodity exchanges regulations.

“The benefits of this technology (blockchain) could be profound, extending right across our economy. Standards Australia is positioning Australia as a leading global player in this exciting new area,” Treasurer, the Honorable Scott Morrison MP said.

Standards Australia is recognized by the Australian Government and its expertise and main responsibility lies in the development and adoption of standards in Australia. The organization forms technical committees by bringing together relevant parties and stakeholders. Through a process of consensus, these committees develop standards for Australia’s net benefit.