Australia to develop national blockchain strategy - Strategy

Australia to develop national blockchain strategy - Strategy

In addition to that, the government has created the federal fund of AUD 100,000, approximately Dollars 71,000.

As announced recently, the Federal government of Australia is developing a blockchain roadmap and said to fund AUD100,000 or US$71K to advance the blockchain use-cases in the public sector.

Per the roadmap, the government will push for the development of blockchain "regulation, skills and capacity building, innovation, investment, and worldwide competitiveness and collaboration".

His team will also work with the Commonwealth Scientific and Industrial Research Organisation (CSIRO) research arm Data61 "to incorporate findings from their forthcoming future scenarios report on blockchain".

The $100,000 funding will be used for bankrolling attendance by Australian firms at Austrade's third Mission to Consensus in NY in May, that Andrews articulated as "a landmark event for the blockchain industry".

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Australia has consistently ranked among the frontrunners in the race for the adoption of blockchain technology; a prime example of this, as informed by BTCManager on May 1, 2018, was when the Australian Stock Exchange (ASX) was reported to be set up to replace the existing Clearing House Electronic Subregister System (CHESS) with a distributed ledger-based alternative by 2020.

She promised that the national blockchain roadmap will focus on primary aspects of adopting blockchain that include strict yet business friendly regulation, required skills and capacity building, innovation, investment, worldwide competitiveness and collaboration.

According to the press release, previous blockchain investments from Australia's liberal national government have included $500,000 United States dollars to the country's Digital Transformation Agency in 2018-19 which look into the benefits of using blockchain for government payments as well as $250,000 to Standards Australia to promote the development of global standardised blockchain standards.

It is not the first step from the Australian government to support new technologies and its development within the country. The aim of it was to lead the development of worldwide Blockchain standards through the global Organisation for Standardization. "Consensus is the leading event for blockchain globally and will present significant opportunities for Australian tech companies to showcase their products on the world stage". As he stated, Austrade's upcoming mission will be the possibility for Australian Blockchain companies and startups to connect with the investors and customers. This would push Australian companies exploring the global market potential by expanding their business globally.

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