The Australian government has released an updated official national blockchain roadmap geared towards facilitating mass blockchain adoption throughout the country. The new blockchain roadmap aims at exploring the potential of blockchain to further developments in industries such as finance, banking, and agriculture to name a few.
Australia Heading Towards A Blockchain Empowered Future
According to ZDNet, the Australian government has announced the release of its national blockchain roadmap. The roadmap, The National Blockchain Roadmap: Progressing towards a blockchain-empowered future, focuses on three areas: Regulation and standards;
The roadmap is comprised of 12 steps the government hopes to execute before the end of 2025. The first is to formalise the National Blockchain Roadmap Advisory Committee and rename it the National Blockchain Roadmap Steering Committee.
One of the responsibilities of the committee would be to provide advice regarding existing government programs and what support is available to the sector. It would also be required to work with other committees, such as the Treasury Fintech Advisory Committee.
It would also be tasked with providing advice to government on the next two blockchain use cases that would be explored.
skills, capability, and innovation; and international investment and collaboration. The roadmap pertains to the nation-wide adoption of blockchain technology across multiple industries to create jobs, improving national revenue and fostering economic growth.
Commenting on the roadmap, Minister for Industry, Science and Technology, Karen Andrews remarked that the five-year blockchain roadmap details how the technology has the potential to generate billions of dollars for the Australian economy. An excerpt from the roadmap reads:
“Blockchain technology is predicted to generate an annual business value of over US$175 billion by 2025 and in excess of US$3 trillion by 2030. The Australian Government is proactively addressing challenges and leveraging opportunities across a range of sectors to make this a reality.”
Andrews also said the 52-page document titled The National Blockchain Roadmap: Progressing towards a blockchain empowered future is a product of corroborated research from regulators, researchers, and startups within the country.
The roadmap points out 12 key recommendations to enable Australia to efficiently adopt and utilize blockchain technology. The CEO of Blockchain Australia, Nicholas Giurietto remarked that:
“All 12 of the key recommendations of the Roadmap are important but the standout recommendation is to establish a model for collaboration between industry, academia, and government on progressing key blockchain use cases.”
As the Australian government unveiled an initial national blockchain roadmap back in March 2019 to aid the country’s ambition of becoming a global leader in the blockchain ecosystem.
Australia’s Growing Digital Economy
In other recent developments involving Australia and blockchain tech, the country’s official gold bullion mint, Perth Mint announced on Wednesday (February 5, 2020) its partnership with the information technology firm Security Matters (SMX) to launch a blockchain-based gold supply chain traceability project.
Also, the Australian Securities and Investment Commission (ASIC) reportedly gave the regulatory nod to Raiz Invest Australia giving the micro-investing app company permission to add Bitcoin fund support to its list of investment services.
Back in January 2020, the Australian Central Bank (ACB) announced plans to begin testing an Ethereum-based interbank settlement system. The ACB said the adoption of blockchain technology and a state-backed digital currency could enable wider financial inclusion and save costs, per reports.