Andreas Fuchsberger <A.Fuchsberger@microsoft.com> Current Standardisation Activities – Blockchain and Distributed Ledger Technologies Open Source Platforms Single App Many and many SDOs Formal and less formal consortia based Bitcoin Ethereum Hyperledger W3C – Blockchain Community Group OASIS - ISITC Europe International ITU-T held a Blockchain Workshop at the end of March 2017 in Geneva, Switzerland ISO created a new technical committee ISO/TC 307 and held its inaugural meeting early 3rd – 5th April in Sydney, Australia International Securities Association for Institutional Trade Communication (ISITC) Europe and the Organisation for the Advancement of Structured Information Standards (Oasis) are to jointly define technical standards for blockchain/distributed ledger technology (DLT). Andreas Fuchsberger <A.Fuchsberger@microsoft.com>

ISO/TC 307 – Blockchain and Distributed Ledger Technologies Agreed a name and scope Chairman: Craig Dunn (AU) Secretary: Jo-Ellen Courtney (AU), Standards Australia Attended by 17 National Bodies, 74 Participants AU 17, GB 9, JP 7, KR 6, CN 5, US 4, DE 4, RU 4, DK 3, MY 3, CA 4, FR 2, FI 2, HK 2, AT 1, IE 1, SG 1 4 Liaison SWIFT, European Commission, JTC 1, JTC 1/SC 38 WG on Terminology, subject to NWIP by GB SG on Reference Architecture, Taxonomy and Ontology led by US SG on Use cases led by JP SG on Security and privacy led by RU SG on Identity led by KR SG on Smart Contracts led by DE Governance and Interoperability postponed

Principles of Blockchain and DLT Standardisation Blockchain and distributed ledger technologies platforms should be able to support a broad set of applications across many domains. Standards and policies should enable this and the platform and technologies should not be dominated by single application and regulatory domains. All forms of blockchain and DLT and related platforms should be recognized equally in standardization, policy and regulation. Blockchain and distributed ledger technologies should be regarded the same as other platform technologies from a legal and liability perspective. Blockchain and distributed ledger technologies platforms should be able to support a broad set of applications across many domains. Standards and policies should enable this and the platform and technologies should not be dominated by single application and regulatory domains. Even though FinServ applications are prominently envisioned as the ones benefiting from Blockchain and DLT, this set of new technologies should be treated as a platform environment for many types of applications and services, not just focusing on financial scenarios and requirements. This also implies that the DLT platforms should NOT be regulated only as FinServ systems. All forms of blockchain and DLT and related platforms should be recognized equally in standardization, policy and regulation. Both private and public distributed ledgers with all the modes (trusted, authoritative, anonymous etc.) should be considered, and it should be clarified when the choice of public or private ledgers are more appropriate based on given requirements and scenarios. There is no right or wrong here, just a matter of matching requirements to the best available option. Blockchain and distributed ledger technologies should be regarded the same as other platform technologies from a legal and liability perspective. The DLT platform providers should be protected from moral hazards and accountability when it comes to the outcomes occurring from the use of the platforms by the applications running on those platforms. For example, consider "autonomous digital organizations" built on the top DLT platform executing smart contracts; the platform provider should be immune from actions and effects of the execution of smart contracts built on top of the DLT platform Security and privacy of DLT platform should be considered by design, but at the same time, we need to understand the limitations (i.e. the inability to conform to “right to be forgotten” directives) Terminology and RA needs to be defined before we talk about the applications and other higher level concepts Value of the platform is in the underlying protocols, not the apps, unlike traditional platforms; i.e. the ledger chain is safe because of the protocols used to operate on them, not the chain itself Andreas Fuchsberger <A.Fuchsberger@microsoft.com>