Australia’s government is investing $100,000 in the development of its national blockchain strategy, which is expected to help establish the country as a global leader in the technology.
Policies will focus on such areas as regulation, innovation, investment, international competitiveness, and cooperation, as well as the development of skills and capacity.
As an immutable ledger technology recording and verifying transactions on a decentralized network, blockchain can ensure secure transactions with applications in industries such as financial, legal, agricultural and logistical sectors.
Karen Andrews, Australia’s Minister of Industry, Science and Technology, said the country must seize the opportunities presented by blockchain technology, adding that the government will work closely with both industrial and academic experts to develop the roadmap.
It will also take into account findings from an upcoming blockchain report by CSIRO’s Data61 on future scenarios.
Simon Birmingham, Minister for Trade, Tourism and Investment, noted that Australia was already gaining a competitive edge over several industries ranging from agriculture and resources to fintech and services.
Birmingham also cited blockchain development as the main business driver of this advantage, stressing the importance of connecting domestic blockchain firms and startups with investors and customers. He underscored consensus in particular as leading blockchain on the global stage and presenting major opportunities for Australian tech companies to showcase their products.
The Australian government remains committed to investing in technology and innovation, while promoting domestic talent through its $1 billion National Innovation and Science Agenda as part of its job creation strategy
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