In the aftermath of COVID-19, blockchain technology has proven itself as a worthwhile advantage for many industries in Australia.
With Australia facing recession and jobs declining, the Australian Government has indicated support to adopt blockchain technologies with its National Blockchain Roadmap. This roadmap is the first step in reinvigorating Australia’s economy by highlighting the potential use case for blockchain technology. Moreover, it will encourage Australia to become more aggressive in the wider market and further develop its international connections with trade partners such as Singapore, the United Kingdom, the Netherlands, China, and the United Arab Emirates.
Presently, the Australian Government is moving to better understand blockchain by supporting and funding upcoming projects in both the public and private sector. With a valuation of approximately $3T USD by the year 2030, the Australian Government is working to ensure that blockchain standards are effectively developed before mass adoption is initiated. To confirm its commitment, the Australian Government has already allocated $6.9M to the Department of Industry, Science, Energy and Resources to study blockchain regulation as well as $350K to Standards Australia to develop international blockchain standards and interoperability.
However, the integration of new and disruptive technologies comes with major pitfalls and risks. As such, fundamental regulations and standards must be drafted to overcome challenges such as maintaining trust, transparency, security, integrity, identity, privacy, tech-neutrality, and the legal status of blockchain use. Regardless of how enticing the benefits of blockchain are, proper regulation will be the first step to its wider adoption.
Blockchain technology moves so far beyond just digital currency. Many current projects in this sphere focus on decentralised video streaming, supply chain tracking, decentralised finance, digital accounting through ledger technology, certainty and security of products and data, and the list goes on. COVID-19 has demonstrated that the world is entering the digital era and it is fantastic to see that Australia has identified these opportunities presented by blockchain technology. Time will only tell how soon we usher in this new age.
For the full reading of the roadmap, see here.