Description of Activities
The priority aims to support the development of European and international standards for DLT/blockchain technologies to ensure transparency in sustainable financing. This contribution brings together the financial, reporting and new technologies to address the gaps between these three sectors.
The challenge for sustainable finance is to minimise the risk of 'greenwashing’ and provide better reporting for the Sustainability sector, ESG investment and Net Zero climate goals and new EU Reporting regulations.
It includes standards development to combine blockchain/DLT Use Cases reflecting sustainable solutions, while the sustainable finance standards cover Terminology and reporting guidelines, and the financial services consider digital currencies and tokenisation.
This contribution aligns with the European Standardisation initiatives, including the effective delivery of ESG investment strategy and Net Zero climate goals, along with the new EU Climate and Sustainable Reporting legislation in 2024 /2025.
Impact on SMEs (1st Open Call)
Many of the proposed use case contributions continue to spring from our outreach to European experts within SDOs, companies and SMEs. The ISO/TC 307 WG6 programme provides an active forum for SMEs to: - Contribute and discuss EU technical initiatives on emerging international standards representing European values, ethics & regulations such as privacy (e.g.: privacy - GDPR/ eIDAS) and European green transition initiatives (e.g.: EBSI blockchain to create trusted digital audit trails). - SMEs can gain the opportunity to understand the value of standards, via example use cases and models. The use cases provide insights and cross-domain example that can inform SMEs in their product development, and adoption of their technologies. - Review international use cases and gain insights for EU participation in local markets, or in cross-border /sector issues. - The Vienna Agreement enables ISO standards to be freely shared with CEN/CENELEC members, including SMEs.
Impact on SMEs (3rd Open Call)
This contribution has a wide impact for European SMEs. One example is where in my role as Convenor of ISO/TC307 WG6 Use Cases, we invite international SME experts to get involved in regulatory and standards development processes by sharing their insights and creating use cases into emerging technologies. This approach can enable faster adoption of their business and technical models, and for European SMEs, who create perspectives consistent with EU regulations and societies, such as privacy (GDPR, AI Act) and sustainability (Net Zero and ESG). (See section 2.1) In the lead-up to the ISO/TC 307 Plenary on 4 June 2024, we have gathered 10+ SMEs to showcase and present leading DLT solutions from SMEs, plus involvement in multiple SDO and entrepreneur events including Blockchain Ireland, INABTA etc.
Impact on SMEs (4th Open Call)
The contribution impacts European SMEs and/or European societies and decision-makers on a high level by developing technical standards in DLT/Blockchain that reflect European democratic values including. - E-Privacy: EU Artificial Intelligence Act, new Data Act, GDPR - Fintech and Def: MiCA crypto - Sustainable initiatives: carbon markets, smart energy - Interoperable platforms: EBSI, digital product passports Moreover, I see two major impacts with SMEs. Firstly, international standards enable faster technical adoption for SMEs, as ISO standards provide ‘templates’ of technical systems and guidelines, that provide a baseline for SMEs to build their own solutions that are interoperable and lower risk for potential partners/investors. Secondly, SME are involved in standards development: The use case methodology in ISO/TC 307 WG6 is based on active outreach to SMEs who are pioneering new DLT capabilities. They provide contributions to the standards through ISO/TC 307 WG6 and ongoing external business events.
Impact on SMEs (7th Open Call)
This contribution brings together the financial, reporting and new technologies that impact European societies, and bring opportunities for SME innovation. Examples include:
Climate resilience: Extreme weather events across Europe and globally in 2024/25 saw a seismic shift in climate impacts on societies. B/DLT technologies provides a track record of immutable data sources to help historical measures and help European societies and governments to plan for future climate resilience.
New technologies: The accelerating shift in global tech eg: AI and crypto-currencies, is setting revolutionary opportunities and challenges to European laws, ethics and societies. B/DLT enables immutability, trust in distributed systems and change management in mass data storage.
New Regulations: New standards in Terminology and B/DLT technologies contribute to the new EU Sustainable Reporting legislations, by providing ESG traceability eg: accurate carbon emissions for businesses.
Impact on society (1st Open Call)
The DLT/Blockchain technology is often referred to as ‘the technology of trust’. This ISO feature on my work at ISO/TC 307 and WG6 Use Cases explains the societal impacts of trust across supply chains, digital trust, data provenance, Energy trading, records management, Anti-counterfeit pharma and food safety and provenance. Over recent years, blockchain has evolved into a transformational technology promising to offer secure, real-time transactions across different sectors and industries that will revolutionise the way we do business. ISO is at the forefront of this technology to ensure that its users all speak the same language.
Impact on society (3rd Open Call)
This work sources use cases that can support societal impacts across international priorities such as Net Zero goals for climate change. They can support European values, democracy, and human rights based on European societal regulations including: - Privacy: new Data Act, GDPR - Fintech and Defi: MiCA crypto regulations - Sustainable initiatives: carbon markets - Interoperable platforms: EBSI, digital passports, - And in 2024 the EU Artificial Intelligence Act
Impact on society (9th Open Call)
This new work is necessary to address the urgent shift in international technology advances, such as AI. tokenisation and crypto-currencies, that may provide potential challenges to European laws, ethics and societies. Standards can provide trust in an environment of AI-generated fake news.
For example, the work on ISO/AWI 24982 Digital currencies — Vocabulary helps define a common international language for business and societies, to create an interoperable financial system in digital currencies. Or the work on — ISO/WD TS 32219 Sustainable Finance — Terminology helps define a common international language for business and societies, across these regulations and business reporting.
This Standards work in blockchain and DLT can help inform businesses, SMEs and societies by providing insights in guidelines to enable adoption, trust and scale in their businesses and networks.
Proposal Title (1st Open Call)
Develop scope and emerging requirements for new DLT and blockchain use-cases standards
Proposal Title (3rd Open Call)
Develop use cases to inform new standards development in DLT & blockchain technologies
Proposal Title (4th Open Call)
Develop an ISO Technical Report standard on innovative new & emerging DLT/Blockchain Use Cases
Proposal Title (7th Open Call)
Standards development in blockchain and DLT that contribute to Sustainability
Proposal Title (9th Open Call)
Standards development in blockchain and DLT and finance that contribute to Sustainability
Standards Development Organisation
Topic
Blockchain and distributed ledger technologies
