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Journal of ICT Standardization

Editor-in-Chief: Anand R. Prasad, wenovator, Japan

Associate Editor: Sivabalan Arumugam, Rakuten Mobile Inc, Japan

ISSN: 2245-800X (Print Version),

ISSN: 2246-0853 (Online Version)
Vol: 7   Issue: 3

Published In:   September 2019

Publication Frequency: Triannual

Articles in 2020

Search Available Volume and Issue for Journal of ICT Standardization

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Special Issue – Blockchain Standards Foreword

Guest Editor

Philippa Ryan
ANU College of Law, Fellows Road, The Australian National University, Canberra, Australia

Abstract: [+]    |    Download File [ 22KB ]    |   Read Article Online

Abstract: In her foreword to Roadmap for Blockchain Standards (March 2017), the CEO of Standards Australia, Bronwyn Evans, observes that Blockchain has the potential to support efficient and secure real time transactions across a large number of sectors. From enabling efficient and accurate financial services to providing visibility along the supply chain, and from streamlining government services to delivering confidence in identity accuracy to consumers, blockchain and DLTs have the capacity to revolutionise the way we do business. The revolution empowered by blockchain and the steady-hand role of standardisation meld here to establish the foundation of this special issue of the Journal of ICT Standardisation.

Challenges of DLT-enabled Scalable Governance and the Role of Standards

Gayan Benedict

Chief Information Officer, Reserve Bank of Australia, Australia

Abstract: [+]    |    Download File [ 1376KB ]    |   Read Article Online

Abstract: Distributed Ledger Technology (DLT) and its blockchain subclass are emerging as a disruptive innovation with an expanding range of potential applications. While DLT systems promise significant benefits to participants and diverse industries, their use of cryptography and incentive models to displace intermediaries and central authorities present significant challenges to conventional models of institutionally-oriented governance. This is due to the disintermediation of such governance bodies displacing the accountabilities and decision rights such parties typically provide. This paper addresses the emerging research question of how standards can address the assurances lost by the displacement of conventional institutional governance mechanisms in DLT systems.

Keywords: DLT, blockchain, Bitcoin, standards, scalable governance, decentralization.

Blockchain Standards in International Banking: Understanding Standards Deviation

Scott Farrell

Partner, King and Wood Mallesons, Level 61, Governor Phillip Tower, 1 Farrer Place, Sydney, NSW, 2000, Australia

Abstract: [+]    |    Download File [ 152KB ]    |   Read Article Online

Abstract: This article discusses how blockchain standards need to be integrated into the other standards of international banking to facilitate the effective use of the technology. The first part of the article describes the role that blockchain could perform in international banking and why standards are needed for this. The second part of the article describes the role that standards of many different types perform in international banking. The third part of the article describes areas of potential deviation between standards developed for the implementation of blockchain technology and the existing standards which apply to international finance and why these conflicts cannot be ignored.

Keywords: Standards, Blockchain, Smart Contracts, International Banking, Derivatives.

Blockchain Standards for Sustainable Development

J. Horner1 and P. Ryan2

1Policy Manager, Standards Australia, Australia
2Senior Lecturer, Australian National University, Australia

Abstract: [+]    |    Download File [ 267KB ]    |   Read Article Online

Abstract: Sustainable development requirements are often regarded as adding a layer of cost to production of goods and delivery of services. This perception can result in the dilution of sustainable development goals. To address this concern, it is necessary to improve both the methods by which sustainable development is achieved and the validation of its long-term benefits. Identification of better and more quantifiable indicators of value and progress are clearly linked to achieving sustainable development. This article explores the way that International Standards can help government agencies and development organizations to make sense of information communication technology and the way they can be used to improve and report outcomes. Standards can help ensure that innovations and processes are interoperable, reliable and secure. Blockchain standards will improve blockchain’s reputation as a useful layer of technology for tracking and auditing data, exchanges and transactions, making it an invaluable tool for achieving transparency and trust in sustainable development programs.

Keywords: Standards, Blockchain, Smart Contracts, Sustainable Development, Transparency, Reputation, Automation.

Research Methodologies to Support the Development of Blockchain Standards

Madeleine Maslin, Millicent Watt and Christopher Yong

Research Team for the Smart Contracts Working Group (TC-307/IT-041 Blockchain and Distributed Ledger Technologies), Australia

Abstract: [+]    |    Download File [ 2060KB ]    |   Read Article Online

Abstract: This paper dissects the research methodologies implemented by the Research Team for the Smart Contracts Working Group (TC-307/IT-041 Blockchain and Distributed Ledger Technologies) in developing standards to inform best practice in the design and use of blockchain and distributed ledger technologies. In doing so, it explores the origins of blockchain standardisation and outlines the high-level methodology for conducting and delivering research in this rapidly evolving space. Using three case studies, this paper shows how different tasks give rise to, and benefit from, specialised methodologies. These case studies also highlight a number of challenges and opportunities, and demonstrate how a flexible research approach can increase efficiency and generate findings that are likely to influence blockchain standardisation at a global level. Case Study 1 describes our research into the legal status of smart contracts and the challenge of delivering clear findings about unclear subject matter. Case Study 2, which involved examining the sufficiency of existing regulatory frameworks in the supply chain and trade facilitation context, illustrates how rigid formatting specifications can impact the content of findings. In contrast, Case Study 3 concerns a project to incorporate the United Nations Sustainable Development Goals into new and existing Standards and shows how researchers’ knowledge can be harnessed as a valuable source of information in its own right. Finally, this paper extrapolates practical lessons for researchers who are interested in developing standards for emerging technologies, or simply undertaking much needed research into this area.

Keywords: Blockchain, distributed ledger technology, Smart Contracts Working Group (TC-307/IT-041 Blockchain and Distributed Ledger Technologies), case study, research methodology, authority agnosticism, research partnership.

Smart Contracts as Techno-Legal Regulation

Peter GL Hunn

Accord Project, UK

Abstract: [+]    |    Download File [ 152KB ]    |   Read Article Online

Abstract: Smart contracts on a blockchain network can be implemented to control digital value. A key question that arises is the extent to which smart contracts can, or should, operate as “smart legal contracts”. Simply put, can smart contracts meet requirements of validity at law and practical efficacy. In order to achieve the goal of value maximization, the efforts of policy-makers, standards organisations and regulators should be informed by first principles. Standards, and other regulatory activities, must be driven by consideration of the technolegal functions of contracting. Blockchain-based smart contracts offer the potential to reduce transaction costs through new methods of stateful computation. When applied to commercial transactions, smart contracts can represent enforcement of an executed state. This paper argues that distributed ledger and smart contracts standards should seek to provide sufficient flexibility to facilitate contracting parties to coordinate in an optimal manner.

Keywords: Distributed ledger technologies, Blockchain, Smart Contracts, Digital value.

Blockchain Standards and Government Applications

Christiana Aristidou and Evdokia Marcou

80, Griva Digeni, Swepco Court 6, 2nd Floor, 3101 Limassol, Cyprus

Abstract: [+]    |    Download File [ 256KB ]    |   Read Article Online

Abstract: Many people talk about blockchain but very few understand its true nature and potential. Blockchain seems very exciting yet simultaneously a bit confusing, and naturally many people, businesses, and governments approach it with high expectations while also exhibiting some hesitancy. This article will deal with the use of blockchain in relation to government applications. A proper assessment of such use requires a discussion on blockchain standards, which are currently developed, or may develop in the future. Without blockchain standards, any potential use of blockchain in government will be of limited and restricted value. This would render our discussion on government applications rather limited too. Standards enable us to appreciate blockchain applications in a useful way for future applications outside the context of government. Focusing our attention to government applications is deliberate. Blockchain, obviously, provides amazing opportunities for the private sector. Over the last years there has been widespread public disbelief in many public and government institutions. Corruption, fraud, lack of transparency, alienation and disconnection of citizen from decision-making centres oblige governments to change and offer proper governance conditions for their citizens. Further, higher consumer expectations in all sectors of the economy naturally affect the expectations of citizens vis-à-vis their governments. For the above reasons, governments could leverage the positive features of blockchain to restore their reputation and efficiency towards citizens, by using blockchain. Of course, governments can use blockchain for many of their applications. To decide the proper application of blockchain within their operations, governments must embark on a need-based approach. Standards are extremely useful in such a need-based approach.

Keywords: Blockchain, Blockchain Standards, Government and Blockchain, Government Applications.

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