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Australia Publishes National Blockchain Adoption Roadmap

Australia Publishes National Blockchain Adoption Roadmap

So far, numerous countries have expressed their intention of implementing blockchain technology within public services, such as public administration, education, law enforcement or healthcare. Now, recent reports indicate that Australia is ready to invest significant resources into becoming a blockchain-empowered society. 

Based on this, the Australian government has released a blockchain adoption roadmap, highlighting the nation’s main goals towards achieving a blockchain-focused future. The 52-page document was published by the Australian Department of Industry, and focuses on how blockchain tech can stimulate the country’s economic growth, while saving money and creating a wide variety of new jobs. 

According to the Australian Minister for Industry, Science and Technology, “We can drive the long-term development and adoption of blockchain technology, and capitalize on the tremendous economic and social opportunities it offers.” 

To put things into perspective, the blockchain roadmap outlines 12 steps that public authorities must follow in order to actively encourage public and private blockchain usability in Australia. As such, the first step consists in creating a new institution – the National Blockchain Roadmap Committee.  Several working groups will be established within this institution, for the purpose of researching and analysing potential use cases for blockchain tech, especially within the educational, financial and agricultural markets. Several blockchain users will hold discussions regarding the current blockchain developments, in the form of a think-tank. 

The taskforce will also be responsible for increasing collaboration with blockchain-based companies operating nationally. This process entails including start-ups in the Business Research and Innovation Initiative. 

The Australian government is well-aware of the fact that national blockchain adoption can be achieved through broad blockchain-focused policies that make the usage of such systems mandatory at specific public levels. This also entails increased educational and public awareness efforts, granted that adoption weighs little without public understanding and support. 

Other highlights from the blockchain adoption roadmap include working with the Australian Trade and Investment Commission in order to figure out better incentives for local blockchain start-ups. Australia is also planning to drive adoption through blockchain-intensive investment programs, international pilot projects, and interoperability initiatives with public and private entities. 

According to the Australian Government, if this blockchain-oriented approach is successful, over $175 billion could be driven into national businesses within the next 5 years. 

Based on everything that has been outlined so far, Australia seems determined to reap the benefits of blockchain technology. Generally, blockchain and cryptocurrencies are interlinked, therefore we wonder if the nation will also focus on creating a more inclusive regulatory framework for digital currencies.

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