Australia is going all-in on blockchain. The Australian Department of Industry today released a 52-page framework detailing how industry can drive the adoption of blockchain tech to empower the future and remain competitive. Australia joins a growing list of governments around the world that are embracing the technology to streamline processes, cut costs, reduce friction in trade and transactions, and stimulate the domestic economy.
The roadmap outlines 12 main points that start with the establishment of the National Blockchain Roadmap Steering Committee and working groups that will outline blockchain use cases.
According to the report,
“Blockchain is often thought as being a financial services technology, because of its association with cryptocurrencies like Bitcoin as well as the high level of interest shown by the fintech sector. However, its application for the purpose of tracking and recording data can add value to many sectors—such as agriculture, healthcare, real estate and retail, to name just a few.”
“Blockchain technology is predicted to generate an annual business value of over US$175 billion by 2025 and in excess of US$3 trillion by 2030…The Government’s investments have been improving blockchain technology, developing international standards for blockchain and helping businesses to bring blockchain products to market. Many of these investments are described in case studies throughout this Roadmap.
Australia’s ability to capitalise on our current standing and to realise the potential of blockchain—both domestically and internationally—relies on ensuring key fundamentals are in place:
• effective, efficient and appropriate regulation and standards
• the skills and capabilities that can drive innovation
• strong international investment and collaboration.”
Last year, Chinese President Xi Jinping announced China’s intention to become a world leader in the adoption of blockchain applications. Last week, Heath Tarbert, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), said he wants the US to take the lead on digital assets and blockchain.
According to a report by LinkedIn, blockchain is now the most in-demand skill on the planet.
Featured Image: Shutterstock/Adam Calaitzis