An Australian lawmaker has said blockchain technology should be embraced by the government, as a means of providing what he called “one-touch” government.
New South Wales Senator Andrew Bragg made the remarks during the Future of Financial Services 2020 virtual conference, in which he said “the future is technology by blockchain.”
Bragg said blockchain “may well be the solution to one-touch government with international transactions in real time.” He also pointed to the potential for blockchain technology to improve government processes, and to strengthen regulation in areas such as financial services.
Blockchain could also be used to “eliminate” difficulties posed by time zones in Australia, as well as helping regulators and companies operate with lower compliance burdens in regulated markets.
The Senator said this would lead to savings on administration and compliance costs, while making both industry and regulators operate more efficiently. In the case of financial services, Bragg said blockchain could help build “confidence and trust” in the sector, following revelations of underhanded practices in the banking sector in recent years.
Calling blockchain a “driver of future jobs and economic growth,” Bragg said it was important to “make it easier to become a global player” in harnessing the opportunities blockchain can deliver.
The remarks show resounding support for blockchain technology from the Liberal senator, who is actively campaigning for greater adoption of blockchain across a range of government processes, departments and agencies.
The technology is likely to be particularly relevant for financial services regulators in the country, following a Royal Banking Commission set up in 2017 to investigate wrongdoing in the financial practices engaged by the country’s leading banks.
The comments from Senator Bragg come at a time of an increased drive towards blockchain from governments worldwide, keen to leverage the benefits of the technology.