Australia is going all into blockchain technology, as the government engaged with researchers to develop a National Blockchain Roadmap as part of its efforts to explore the economic and social prospects of the technology.
Per the 52-page blockchain roadmap document, the Australian government noted that blockchain adoption could result in the creation of jobs, increase productivity, help companies to save more, and mostly, will lead to the growth of the Australian economy.
The blockchain roadmap is focused on three main areas, which include Regulation and standards, international investment and collaboration, and skills, capability, and innovation.
Using the blockchain, Australia hopes to focus on the agriculture sector by improving supply chains and wine exports; issuing trusted credentials and trusted information about an individual’s capabilities in the education sector; and Know Your Customer (KYC) checks for the financial industry.
As per the document, the Australian government already provided support and funding for the private sector, government, and researchers, through different programs in the country, to encourage collaboration and innovation around blockchain.
While acknowledging that blockchain could incur over $175 billion by 2025 as annual business value and $3 trillion by 2030, the government came up with 12 steps in the roadmap to facilitate in their path to blockchain before the end of 2025.
Amongst these steps, however, the government mentioned in the document that the country’s ability to capitalize on their current stance to explore the domestic and international benefits of blockchain depends on assurance that:
“Efficient and appropriate regulation and standards, the skills and capabilities that can drive innovation, strong international investment and collaboration,” are in place.
The demonstration of Interest on blockchain technology by the Australian government is a milestone, not just for the residents and businesses in the country, but largely to the globe, as many countries can be lured to join the trend.
Australia’s Minister for Industry, Science and Technology, Karen Andrews, added in the document:
“Together, we can drive the long-term development and adoption of blockchain technology and capitalize on the tremendous economic and social opportunities it offers.”
In November 2019, the second oldest university in the State of Victoria, Australia, established a blockchain research center to explore ways to apply blockchain across several fields.