Australia Releases a National Blockchain Roadmap

News / 07.02.2020

Last year, Australia’s Ministry of Industry, Science and Technology, and Ministry of Trade Tourism and Investment announced an upcoming national blockchain strategy and roadmap. Recently, the Australian government announced the launching of its national blockchain roadmap.

This blockchain roadmap aims at revolutionizing Australia’s blockchain industry. The roadmap contains the benefits of allowing blockchain technology within different sectors. The sectors prioritized are finance and banking.

As per the national blockchain roadmap, a yearly business value of more than $175 million could generate through blockchain technology by 2025 and $3 trillion by 2030. Additionally, the roadmap outlines that the government deals with the problems and takes advantage of opportunities within some sectors to make this happen.

The Objectives of the National Blockchain Roadmap

As per Karen Andrews of the ministry, part of the 5-year blockchain roadmap’s goal is to foster regulators, startups, and researchers on the matter. Andrews also mentioned that the sector is ready to attain a value worth $175 billion, and the government and private industries may enjoy the benefits of upholding the nascent technology.

Andrews believes that blockchain’s ability to empower export opportunities is impressive because it will help manufacturers and producers monitor their products. It can also help save money, improve economic growth, build new businesses, and offer employment opportunities.

Nicholas Giuretto of Blockchain Australia says the major recommendation in the roadmap is vital; nevertheless, the most appealing one is establishing a model for collaboration between industry, academia, and government on advancing the cause of significant blockchain use cases.

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.