Australian Government unveils Plans to Develop National Blockchain to Boost Fintech Sector
Australia unveiled a national blockchain strategy and roadmap, with federal government funding boosting AU$100,000. The news was announced on March 18 in a joint press release from two Australian ministries. Karen Andrews, Minister of Industry, Science and Technology, announced on Monday the strategy and the funding to support a “burgeoning” industry.
The $ 100,000 funding will be used for Australian companies ‘ bankroll attendance at the third Austrade Consensus Mission in New York in May, described by Andrews as “a landmark event for the blockchain industry.”
It comes just weeks after the Digital Transformation Agency’s advice urging agencies to “pragmatism” about the government’s use of blockchain.
It is expected that the roadmap will focus on policy areas such as “regulation, skills and building capacity, innovation, investment, and international competitiveness and collaboration,” the government said.
In 2018 – 19 the country’s digital transformation agency included AU$700,000 for previous blockchain investments from Australia’s liberal national government, led by Prime Minister Scott Morrison to look at the benefits of using blockchain for government payments and AU$350,000 for Australia Standards to promote station development.
The Australian Minister of Trade, Tourism and Investment, Simon Birmingham, also highlighted the potential of Blockchain business technology. Australia’s willingness to integrate Blockchain into its various sectors gives it leverage over other countries. Birmingham believes their businesses can remain ‘ before the game. ‘
In addition, the Minister of Industry, Science and Technology, Karen Andrews, took to Twitter and opened her Australia mission. She says ‘ I want Australia as far as blockchain technology is concerned to lead the world. ‘
This new funding will specifically enable Australian companies to participate to a blockchain conference of the Australian trade and investment commission at the New York City Consensus later this year by sponsoring the Department of Industry, Science and Technology.
It will be developed in consultation with industry and academic experts as well as the Digital Arm Data61 of CSIRO, which will incorporate their findings on the blockchain.
Data61 has led many of the government’s investigations into the practical applications of blockchain to date, including working with the Commonwealth Bank to bring programmable money to the NDIS.
Minister Birmingham stressed in the media release that the government’s endorsement of blockchain will help ensure that ” In one of the fastest – growing technology sectors of the world, Australia and its technology companies remain leading the way.”
Unlike the other nations, the Australian Govt appears to be the most active in bringing up the country’s blockchain revolutions. Subsequently, Simon Birmingham further outlined Australia’s upcoming mission and said it would connect Australian blockchain companies and startups respectively with customers and investors. By expanding their business globally, this would push Australian companies to explore the global market potential.
IBM signed a 5-year deal with the Australian administration in July 2018 for AUD 1 billion ($ 740 million) to improve the data security and automation of federal departments using blockchain and other new technologies.