A National Blockchain Roadmap Released By Australia

News / 07.02.2020

The Australian government has introduced its national blockchain roadmap. The introduction is towards revolutionizing Australia’s blockchain industry. The benefits of allowing blockchain technology within sectors are noted in the roadmap. The sectors prioritized include finance and banking.

According to the national blockchain roadmap, a yearly business value of more than 175 million USD could be generated through blockchain technology by 2025, and 3 trillion USD by 2030. Besides, the roadmap says the government is dealing with the problems and taking advantage of opportunities within some sectors to make this happen.

In the third month of last year, Australia’s Ministry for Industry, Science and Technology and Ministry for Trade, Tourism and Investment announced a national blockchain strategy and roadmap. After the announcement, the ministry started preparing and consulting thereby producing the recent roadmap.

According to Karen Andrews of the ministry, part of the goal of the 5-year blockchain roadmap is to foster the efforts of regulators, startups, and researchers on the matter, based on a report.

Andrews mentioned that the sector is ready to attain a value worth 175 billion USD and governments and private industries might enjoy the benefits of adopting blockchain technology.

She continued that the ability of blockchain to empower export opportunities is interesting, as it will help the producers and manufacturers in the country to monitor their goods. It can help to save money, build new businesses, improve economic growth, and offer employment opportunities.

According to Nicholas Giurietto of Blockchain Australia, the major recommendations in the roadmap are essential; however, the outstanding one is the establishment of a model for collaboration between industry, academia, and government on advancing the cause of major blockchain use cases.

Australia is known for its blockchain and cryptocurrency policies this year. Some weeks ago, the Australian Prudential Regulation Authority stated the possibility of overseeing Facebook’s Libra within the context of a proposed framework to manage digital wallets. This comes after Australia’s RBA could not permit the operation of Libra within the country.

 

Featured images courtesy of AdobeStock. Source: Cryptopress.

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Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.