ISO/TC 307 - Blockchain and distributed ledger technologies

As per the survey conducted by the International Standard Organization, the survey, respondents identified financial services and government services as the two sectors with the greatest potential for use of blockchain technologies. Within the financial services sector, the application of blockchain technologies was identified for use primarily to provide support to financial transactions, commodity exchange and remittances. Stakeholder indicated that an elevated level of privacy and security measures may be required for the application of blockchain in the financial services sector .

The potential application of blockchain in the management of government services was recognised by survey respondents. The use of blockchain technologies to support the efficient transfer of land and to manage pr operty title registrations was identified by more stakeholders than any other government services as an opportunity for government to utilise blockchain technologies.

Blockchains are basically a technology to exchange the currencies electronically without having involved a physical transactions. Like paper money and gold, bitcoins Blockchains allow parties to exchange value. Unlike their predecessors, they are digital and decentralized. For the first time in history, people can exchange value without intermediaries which translates to greater control of funds and lower fees.

The blockchain is the decentralized ledger behind the digital currency. The ledger consists of linked batches of transactions known as blocks and an identical copy is stored on each of the computers that make up the ledger network. Each change to the ledger is cryptographically signed to prove that the person transferring virtual coins is the actual owner of those coins. But no one can spend their coins twice, because once a transaction is recorded in the ledger, every node in the network will know about it.The idea is to both keep track of how each unit of the virtual currency is spent and prevent unauthorized changes to the ledger.?

This technology is already in use for Bitcoins. Other digital currencies have imitated this basic idea, by building new cryptocurrencies on new blockchains

Blockhain technology is far more applicable to other transactions like real estate and property sale or purchase, where the DLT is used to sign the sales and purchase contract digitally and transaction is recorded in the ledger and blocked and keep a strong track on the exchange of ownership. This can save a lot of problems of ownership rights of the property and land.