Australia Heading Towards A Blockchain Empowered Future
According to ZDNet, the Australian government has announced the release of its national blockchain roadmap. 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.”
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.
Per sources close to the latest development, Perth Mint and SMX are looking to launch trueGold, a mine-o-marketplace ethical gold supply chain assurance platform.
The team claims the trueGold project has been in the works for two years and if it finally gets the necessary regulatory stamp, it would form the foundation for a “high-tech proprietary gold supply chain solution.”
Commenting on the innovative project, Richard Hayes, Perth Mint CEO, noted that the trueGold platform will promote transparency in the gold supply chain by enabling stakeholders to have accurate information pertaining to the origin of the precious metal and its entire movement from the production to the distribution phase.
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.