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Australian Blockchain Roadmap will boost government funding

Australian Blockchain Roadmap will boost government funding

March 18, 2019, | AtoZ MarketsAustralia announced a national blockchain strategy, receiving additional funding from the federal government in the amount of  $ 100,000 Australian dollars (~ $ 71,200) and revealed the Australian Blockchain roadmap. This news was announced in a joint press release by two Australian ministries on March 18.

Australian Blockchain Roadmap revealed by the two ministers

The blockchain experts consider Australia as one of the best innovation centers in the world. Its government is focused on modernizing the economy through technology and blockchain is one such technology that this country willingly uses. Despite the fact that the introduction of the blockchain as a whole is still slow, the Australian government is doing a lot to promote it. Minister of Industry, Science and Technology Karen Andrews and Minister of Commerce, Tourism and Investment Simon Birmingham jointly announced that the new policy aims to turn Australia in a world leader on the growing blockchain industry arena.

Australian Blockchain Roadmap is a result of a long term history of innovations

Over the past year, major blockchain integration initiatives have been undertaken in Australia, both in the government and in the financial sector.  In July 2018, IBM signed a five-year agreement with the Australian government in the amount of 1 billion Australian dollars to use the blockchain and other new technologies to improve security and automate data in federal departments.

In August 2018, the Commonwealth Scientific and Industrial Research Organization (CSIRO) that conducts research for the development of local industry, announced its partnership with IBM to create a national blockchain that would allow companies to transact on the basis of smart contracts.

The Blockchain Roadmap includes many features

The governmentally supported  Australian blockchain roadmap will include “regulation, skills and capacity development, innovation, investment, and international competitiveness and cooperation” in the blockchain area.

According to the press release, previous investments in blockchain projects from the local government – under Prime Minister Scott Morrison – reached 700,000 Australian dollars. Investments were made in the Digital Transformation Agency in 2018-2019 to explore the benefits of using the blockchain for government payments. An additional investment of 350,000 Australian dollars (~ 250,000 USD) into Standards Australia was made to help develop standardized international blockchain standards.

Investments in the blockchain technology in Australia will open the new opportunities

As the press release says, the new funding will allow the Ministry of Industry, Science and Technology to sponsor Australian companies to participate in the mission of the Australian Trade and Investment Commission at the Consensus blockchain conference that will take place in New York this year.

Minister Andrews stated that they “will work closely with experts on blockchain and technology from industry and academia, as well as with data from CSIRO Data61 to include the results of their future report on future blockchain scenarios.” To date, the Data61 digital innovation center heads several large blockchain projects.

While talking about the Australian blockchain roadmap the Minister of Tourism and Investment Simon Birmingham stressed that the government’s approval of the blockchain would help “Australia and its technology companies to stay ahead of the game in one of the fastest growing technology sectors in the world.”

What do you think? Do you think that Australia will turn into the next blockchain hub?

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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