Member LoginWhat is Blockchain Technology?
What is Blockchain Technology? Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. A blockchain database stores data in blocks that are linked together in a chain. One of the uses of Blockchain technology is in banking and financial services to enable efficient processes, reduced costs, and secure networks.
U.S experts in the INCITS/Blockchain Technical Committee are participating through ISO/TC 307 in the development of a new project for ISO 20435, Representing Physical Assets using Non-Fungible Tokens.
The scope of draft standard ISO 20435 is intended to create a DLT agnostic architecture for physical assets that are suitable for recycling all or part pf the asset material value or whose properties are negative to the safety and environment of the planet using NFTs which includes: An algorithmic data method for generating decentralized identifiers (DIDs) from physical assets with immutable unique identifiers, such as serial numbers, manufacturer origin codes, country of issue and more internationally recognized structures. Processes for utilizing off-chain trust anchors, to establish proof of real-world human and machine generated events and information, that tie a real-world asset to its digital representation. A DID method scheme to enable DID Registry interoperability, in order that a Digital Representation can be stored, resolved, or transferred to any compliant DID Registry.
A principal purpose, but not the only purpose in order to provide a holistic global community of responsible recyclers ranging from the individual consumer to the major recycling corporates and those companies that generate the materials and purpose this proposal is to create a DLT-agnostic standard for representing physical assets as non-fungible tokens (NFTs). Standardizing the physical NFT will enable better management and interoperability of physical assets across supply chain / enterprise systems, with verifiable digital information. The ability to register the existence, prove the events, and transfer the ownership of physical assets has numerous environmental implications as well.
Have an interest in the blockchain technology? Learn more about this technology and membership in this INCITS Technical Committee.
INCITS/Blockchain is the U.S. TAG to ISO/TC 307. In this capacity it proactively participates in all of ISO/TC 307 activities.
Main Areas of focus are:
- Foundational aspects of Blockchain as vocabulary, architecture
- Security, privacy, and identity for Blockchain and DLT
- Interoperability of Blockchain and distributed ledger technology systems
- Smart contracts and their applications
- Governance
- Use cases
- Other applications of Blockchain and DLT
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About INCITS: the InterNational Committee for Information Technology Standards (INCITS) – is the central U.S. forum dedicated to creating technology standards for the next generation of innovation. INCITS members combine their expertise to create the building blocks for globally transformative technologies. From cloud computing to communications, from transportation to health care technologies, INCITS is the place where innovation begins. INCITS is accredited by the American National Standards Institute (ANSI) and is affiliated with ITI. Visit www.incits.org to learn more.