1: Establishing international blockchain standards through ISO will facilitate data sharing and more efficient transactions globally by enabling interoperability across protocols. 2: No single blockchain standard currently exists, so ISO standards can allow for the implementation of multiple related protocols and technologies in a clear and consistent manner. 3: Developing blockchain standards through ISO will help the emerging technology reach broader adoption by providing clarity, certainty, and confidence for its deployment in markets.

1. Blockchain/DLT
standardisation
workshop
– Strategic Plan
Benoit Abeloos - Policy Officer - EC, DG CNECT, Startups and
Innovation Unit
Gilbert Verdian – Chair of DLT/1

2. Background on Standards Australia
Proposal (2015)

3. 3
HistoryAt HM Treasury
• Introduced HMG to Bitcoin and Blockchain
• Economic assessment and policy review
• Concluded that “this will not have any material impact to the UK’s economy”
• Kept on working in this space – after all, it is really cryptography
CONFIDENTIAL
2009
2014 Mainstream
• A lot of talk about what we can do with the Bitcoin underlying technology
• Ethereum concept
• Ripple, Stellar, xCoins etc
• ”Blockchain” name became popular
2015 Started Remitt
• Wasn’t happy that things are progressing in silos
• Came up with the concept and architecture of Interoperability and Governance
• Started talking about identifying use cases – NSW Health for electronic records and data sharing
2016 ISO
• February – Blogged. Started drafting the idea and proposal with Standards Australia
• Pushed to get people behind it. “Too early”, “Stifle innovation”, “Why??”
• October – ISO Approval J
• August – Moved back to London – Finance/Fintech capital of the world to get behind this.

4. 4
HistoryBSI
• First week met with BSI to get things started in the UK (August)
• Learned that Standards were attempted before in 2015, but didn’t take off. Focused on consumer
protection
CONFIDENTIAL
2016
• Elected Chair of the UK’s National Committee for Distributed Ledger Technology DLT/1
• November – 1st
Meeting of DLT/1 potential stakeholders
2017 Quant Overledger
• Research
• Product Development
2018
Token Offering
• January 2018

5. 5
2016 Need for Blockchain ISO Standards
CONFIDENTIAL
Blockchain: Standards Wanted
Long reliant on collaborative standard-setting, the financial
industry looks for more of the same to realize the operational
and risk-mitigation potential of blockchain
- GARP – Global Association of Risk Professionals 8 April 2016
China creates blockchain coalition ChinaLedger
Union
The country’s blockchain industry organises distributed ledger-
based coalition in Beijing supported by Chinese National
Assembly and aiming to standardise the application of
blockchain.
- 20 April 2016

6. 6
Background
Gilbert Verdian
- 20 years working in Cybersecurity across Government & FS
- HM Treasury, Dpt Health, EY, MoJ, CSC, HSBC
2009 – Introduced UK Gov to Bitcoin and Blockchain. Did
economic policy assessment.
2015 – Founded Remitt/Quant to focus on blockchain for
enterprise and Gov
April 2016 – Submitted ISO Blockchain proposal through
Standards Australia
October 2016 – Proposal accepted
Sassoon Grigorian
- 20 years in Government policy and tech companies
- Microsoft, Paypal, Salesforce

7. 7
2016 Need for Blockchain ISO Standards
Blockchain: Standards Wanted
Long reliant on collaborative standard-setting, the financial industry
looks for more of the same to realize the operational and risk-
mitigation potential of blockchain
- GARP – Global Association of Risk Professionals 8 April 2016
China creates blockchain coalition ChinaLedger Union
The country’s blockchain industry organises distributed ledger-
based coalition in Beijing supported by Chinese National
Assembly and aiming to standardise the application of
blockchain.
- 20 April 2016
Russian Finance Firms Form Blockchain Consortium
A group of Russian banks and financial services companies has formed
a private-sector consortium focused on blockchain applications.
- Coindesk 1 July 2016

8. 8
Blockchain ISO Standard
There are currently a number of different blockchain protocols in use. The
technical committee will consider key protocol differentiating elements
including permission models (private and public), smart contracts (contracts
whose terms are recorded in computer language rather than legal
language), application programming interfaces and other elements.
The proposed work is to:
• define this standard
• create the mechanism to be a gateway to multiple blockchains
• create the governance framework
• have interoperability and compatibility with existing financial standards
• provide legal and regulatory compliance to each transaction across
blockchains
• work towards a regulatory framework that provides a mix of legal and
technical rules
Proposed ISO Standard
Involved the regulators and Government – RBA, ASIC, NSW Gov, Data61

9. 9
Blockchain ISO Standard (cont’d)
To achieve these objectives, as a priority the work program would support the
development of specific standards to address key areas such as:
• Terminology – Having a common language and terminology to define the
interoperability of blockchain
• Process and Methods – the mechanism and messaging standards around
inter-blockchain communication including routing.
• Trust and Interoperability – Develop the standards that incorporate
messaging protocols and methods to route, trust and connect to different
blockchains. Establishing a standard API (Application Programming Interface)
and set of routines and tools for building blockchain software and applications
• Privacy and Security – Ensure the confidentiality, integrity and availability of
users and entities are maintained. Embed compliance to money laundering
and KYC (know your customer) requirements.
• Authentication – ability to map blockchain transactions to individual users
and entities in a secure manner. Store credentials on the blockchain or
align/federate to a sidechain (off blockchain)
Proposed Work Program
Timeline 24-36 months

10. 10

11. 11
Scope of ISO work

12. 12
Opportunity in Government
• Reduced cost of operations, including reducing fraud and error in payments
• Greater transparency of transactions between government agencies and citizens
• Greater financial inclusion of people currently on the fringes oft he financial system
• Reduced costs of protecting citizens’ data while creating the possibility to share data
between different entities, allowing for the creation of information marketplaces
• Protection of critical infrastructure such as bridges,tunnels etc
• Reduced market friction,making it easier for small and medium-sized enterprises
(SMEs) to interact with local and national authorities
• Promotion of innovation and economic growth possibilities for SMEs
• This very broad range of possible benefits are delivered through the application of DLTs
in three different ways:
• Within currency applications
• To manage contracts and create new forms of contracts
• To prompt new applications by third parties, and provide more efficient ways of
structuring and carrying out activities
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/492972/gs-16-1-
distributed-ledger-technology.pdf
UK Government Office for Science

13. 13
1: Establishing Blockchain standards will position ISO as a leading contributor to develop global
solutions to facilitate data movement and information flows thus enabling more efficient and
timely transactions.
2: There is no one blockchain standard or protocol currently in use. International standards will
allow for interoperability and implementation and use of multiple blockchain related protocols.
3: The development of blockchain and electronic ledger standards through ISO will assist this
new emerging technology to be rolled out and deployed with greater clarity, certainty and
market confidence.
4: The widespread adoption and use of international blockchain standards could facilitate a new
wave of innovation, productivity, employment and industry opportunities.
5: The possibility of contributing to making the provision of public and private services more
cost effective and efficient.
6: The growing burden of KYC compliance could be significantly reduced through the
development of international blockchain standards which utilize shared database(s) for
undertaking business and transacting payments.
7: Blockchain has the potential to create significant benefits for developing countries by
unlocking banking and other applications. For instance, realtime transfers of remittances can
deliver financial independence for individuals in developing economies. Similarly blockchain can
document land titles and owner registrations.
8: The development of international standards to support smart contracts has the potential
decrease contracting, compliance and enforcement provision costs.
9: The development of international blockchain standards will reduce transaction costs for
Justification

14. 14
1: efficient
2: interoperability
3: emerging technology
4: innovation
5: cost effective
6: KYC compliance
7: developing countries
8: compliance and enforcement
9: transaction costs
Justification

15. Sydney Plenary – April 2017

16. Outcomes of Plenary
• WG1 Terminology
• SG 1 Reference Architecture, taxonomy and
ontology
• SG 2 Use Cases
• SG 3 Security and Privacy
• SG 4 Identity
• SG 5 Smart Contracts
• TC307 2nd meeting in Tokyo – Nov 2017
• TC307 3rd meeting in London – May 2018

17. Roadmap
ISO Development TC307 – 24-36 months
April 17 April 18 April 19 April 20
Terminology WG
Tax/Reference Arch SG
Identity SG
Interoperability SG
Governance SG
Security & Privacy
SG
Nov 17
Terminology Ballot
Taxonomy & Reference Arch WG
Security & Privacy WG
Governance WG
Identity WG
Sydney Tokyo London
Use Cases SG
Smart Contracts SG Smart Contracts WG

18. • The type of standards needed varies according to maturity
of technology, nature of technology and industry sector
• Standards should be considered in technology
roadmapping and procurement
O’Sullivan and Brévignon-Dodin,
Role of Standardisation in support of
Emerging Technologies, Institute
for Manufacturing, University
of Cambridge
The right standard at the right time

19. Questions - 1
• Which area of the Standard are you most concerned
about?
• A) Terminology
• B) Reference Architecture, taxonomy and ontology
• C) Use Cases
• D) Security and Privacy
• E) Identity
• F) Smart Contracts

20. Questions - 2
• Which area of the Standard are you most supportive?
• A) Terminology
• B) Reference Architecture, taxonomy and ontology
• C) Use Cases
• D) Security and Privacy
• E) Identity
• F) Smart Contracts

21. Questions - 3
• Which area of the Standard are do you think will be
the most challenging to solve?
• A) Terminology
• B) Reference Architecture, taxonomy and ontology
• C) Use Cases
• D) Security and Privacy
• E) Identity
• F) Smart Contracts

22. Questions - 4
• Which area(s) of Blockchain/DLT do you think the
scope of the Standard is not covering?

23. Conclusions and next steps
• Continue the TC307 Roadmap
• Continue meetings in Tokyo (Nov 17) and London
(May 18)
• Complete dependent work streams
• Terminology
• Reference Architecture, Taxonomy and Ontology
• Publish first drafts in Q4 2018