JPEG 360 is a project to develop a standard format that will be used with ultra-wide-angle imagery, and other advanced forms of imagery. It will be published as ISO/IEC 19566-6.
More research is needed to figure out exactly what JPEG 360 is. From what we can tell, it will be, at least in part, a backward-compatible extension of the JPEG image format. Similar to JPEG XT, application segments will be defined, containing information about how to better interpret the image. The application data will probably use boxes/atoms format.