Australia recently released a 52-page blockchain roadmap. The roadmap was published by the Australian Department of Industry. This roadmap describes how industries in Australia can utilize the blockchain to remain competitive in the future.
This move by Australia puts it in a league of nations globally that have embraced the blockchain. They are using the technology to streamline operations, reduce costs, and ensure efficiency in trade and transactions. Besides that, they are using the technology to stimulate their domestic economies.
12 main points are highlighted in the Australian blockchain roadmap. The first point is the establishment of a National Blockchain Roadmap Steering Committee. Additionally, working groups will be established to identify various use cases for blockchain technology.
The report notes that blockchain technology is often thought of as being a technology for the financial sector. This stems from the fact that it is closely associated with crypto coins such as Bitcoin as well as a lot of interest by the financial sector in the technology. The roadmap notes that blockchain technology can also be used for record-keeping and tracking data, which can add value to numerous industries. Some of the industries mentioned are agriculture, retail, and real estate.
The Australian roadmap notes that blockchain technology could generate an annual business value of more than $175 billion by 2025. By 2030, this could be over $3 trillion. It notes that thus far, investments by Australia have helped to improve the technology, develop international standards for the technology as well as helping firms to bring blockchain products to the market. Various case studies have been described in the roadmap.
According to the roadmap, the ability of the nation to capitalize on their current standing within the sector and realize the potential that the blockchain holds abroad and domestically will rely on these key principles:
- Effective, efficient regulatory standards
- Skills and capabilities that drive innovation
- Strong international collaboration and investment
In 2019, the president of China announced that the nation wanted to become a leader in blockchain technology. A week ago, the Chairman of the US CFTC announced that she wanted to make the US a leader in blockchain technology and digital assets. It would appear the blockchain race is on.