The Australian government is revealing its plans for developing a national blockchain strategy.
The strategy, which was jointly announced by Australia’s Minister for Industry, Science, and Technology and the Minister for Trade, Tourism, and Investment (Austrade), also includes AUD100,000 funding from the Morrison government to support the industry. It hopes to boost the Australian blockchain industry.
Australia National Blockchain Strategy
The national blockchain strategy includes a roadmap outlining a range of policy areas of focus such as regulation, investment, skills and capacity development, innovation, international competitiveness and collaboration. Karen Andrews, Minister of Industry, Science and Technology, stated that this road map will put Australia at a better position to size potential opportunities that blockchain technology presents.
“The national strategy puts us on the front foot in exploring how government and industry can enhance the long-term development of blockchain and its uses,”
She added that the Australian government will be working closely with blockchain technology experts to develop a sound strategy while also looking forward to incorporate CSIRO’s Data61 findings into the national blockchain strategy. CSIRO is an Australian federal science agency responsible for science research while Data61 has led many of the government’s investigations into the practical applications of blockchain.
Additionally, the AUD 100,000 state funding is going towards financing the attendance of Australian FinTech firms at the upcoming Austrade Consensus mission in New York, an event the government describes as a “landmark” for the blockchain industry. Consensus is one of the biggest global blockchain events and presents significant opportunities for attending companies to showcase their blockchain projects on the world stage.
Australia’s Efforts to Become Blockchain Global Leader
Australia is currently one of the most blockchain-friendly countries on the Asian continent owing to its willingness to adopt distributed ledger technology to revolutionize various sectors.The Australia national blockchain strategy follows a partnership the federal government entered into with IBM in September 2018 to develop national blockchain platform for promoting collaboration among Australian companies. In addition, the government is presently investing AUD700,000 in blockchain-based payment projects through its Digital Transformation Agency. Added to this is AUD350,000 that the government gave Australian Standards to develop standards and frameworks for blockchain implementations.
Lastly, Australia’s Minister for Trade, Tourism and Investment Simon Birmingham is revealing Australia’s upcoming mission to help Australian blockchain companies expand their businesses globally by connecting them with customers and investors.