The government has released a new Australia National Blockchain Roadmap for 2020 to facilitate mass blockchain adoption across the country. The new roadmap aims to explore the potential of blockchain to further the development of sectors such as finance, banking, and agriculture.
10 February, 2020 | AtoZ Markets – Australia is home to several world-first blockchain applications. Combining blockchain technology with other technologies can increase economic value to a range of industries. According to the Department of Industry, Science, Energy, and Resources, Australia can contribute to an estimated global trade value of over $ 175 billion annually by 2025 generated by blockchain.
Australia Unveils National Blockchain Roadmap
The federal government has unveiled National Blockchain Roadmap for 2020 in Australia. It has given businesses a strong signal about the industries that are well suited to this technology. Moreover, the government said:
The roadmap is not a plea in favor of the blockchain. It is better suited to use cases requiring at least three of the following elements: data redundancy, information transparency, data immutability, and consensus mechanism.
If it only takes one or two, the blockchain may work, but there are probably simpler or less expensive ways to fix the problem.
Industry, Science and Technology Minister Karen Andrews said the national blockchain roadmap was another vital step towards improving the country’s productivity. He also added:
“The Morrison government has worked with industry and researchers on this roadmap. It outlines what we can do together over the next five years for our country to benefit from blockchain technologies.
This report follows my recent launch of the artificial intelligence roadmap. Moreover, it demonstrates once again, the concrete actions this government is taking to achieve our goal of making Australia’s leading digital economy by 2030.
Roadmap Focus on Three Areas
But the Ministry of Industry, Science, Energy, and Resources has found three areas. It considers worth analyzing so that businesses and governments can understand how to apply the Blockchain method.
These three areas are:
- Agricultural supply chains in the wine exports sector.
- Trusted credentials and facilitating trusted information about an individual’s skills and capabilities in the university sector.
- Transferable customer checks, specifically ‘Know Your Customer’ in the finance sector
The roadmap builds on the investment of the coalition government to develop international standards for blockchain technology. Minister Andrews said:
Blockchain technology has great potential to save money, create new business and export opportunities, stimulate economic growth and create new jobs. Governments and private industries all stand to benefit from adopting this technology. The job opportunities in blockchain are increasing considerably, with rapid growth in job vacancies since 2016.
The report also notes that 93% of known blockchain users are small and medium businesses with 1 to 200 employees. The report provides strong signals on how to get involved in the blockchain, as well as the skills and experience. It will help players turn technology into work. Global research and consulting firm Gartner predicts that by 2023, blockchain will support the worldwide movement and tracking of $US2 trillion per year’s worth of goods and services.
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