Blockchain tech gets standardized roadmap in Australia

The report outlines how the organisation will work to deliver measures to support the privacy, security and interoperability of blockchain systems. In addition, the new standard is part of a wider initiative led by Standards Australia to develop international blockchain standards, with the support of the Australian Government.

The Australian Treasurer, the Hon. Scott Morrison MP, revealed that the government has announced a support of USD 350,000 over a period of four years for the development of blockchain standards. The release of this roadmap is expected to spark further innovation among the many Australian companies, especially fintechs, ready to take advantage of blockchain technology.