The Australian finance ministry has awarded AU$350,000 to Standards Australia to take the lead in developing international standards for blockchain technologies.

This comes ahead of a major international conference on the subject being hosted in Sydney in April, where delegates from 30 nations will discuss standards convergence for distributed ledgers.

Finance Minister Scott Morrison said;

“The Government realises that distributed ledger technology has applications across the economy and specifically offers the potential for greater competition in the payments system which could bring cheaper and more efficient transactions to help businesses cut costs and expand.”

Standards Australia CEO, Dr Bronwyn Evans, added;

“Developing measures to support privacy, security and interoperability of blockchain systems will build consumer confidence”

Measures to build consumer confidence while underpinning the backend tech could prove beneficial to the fintech sector worldwide.

 

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