Australia is embracing blockchain technology and is on a mission to make the most of this innovation. While the country is still one of the hubs for blockchain, there is still a lot to be done on the government’s part, to make sure that the adoption rate keeps growing and the services across the spectrum make good use of the innovation.
The fact that blockchain will inevitably become an integral part of contemporary society is indisputable, meanwhile, though, every country that wants to maintain a technological edge is trying to maximize the gains and improve the existing state of the blockchain. The technology is getting attention from all around the world and the unexplored potential of this innovation could drastically improve a lot of businesses and services, making them faster, more transparent and most importantly – profitable.
Blockchain is already a huge part of the Australian day-to-day services. The country’s love for crypto is well known and Aussies have embraced different sorts of e-Wallets, using them almost as often as traditional payment methods. Accepting blockchain-based crypto payments is a common thing in the country, gaining more popularity than in any other place in the world. Many entertainment centres, such as shops and online casinos in Australia accept crypto payments and are specifically catered to that group of consumers. They have become an essential part of Australia’s financial industry, and now the country is looking to expand the benefits of blockchain technology.
National Blockchain Roadmap
Recently, the Australian government introduced a 32-step guideline that is supposed to help the country on its journey to fully embracing blockchain technology, in order to generate more income for the country. The National Blockchain Roadmap is a detailed description of the government’s plan of making blockchain more profitable and mainstream.
The roadmap is a 52-page document that was released by the Minister for Industry, Science, and Technology with help from industry experts and universities, who formed an Advisory Committee. The Australian government wants to use blockchain for international investments and collaborations, to enhance the skills, capability and innovative movements and hopes to work on and improve its existing regulations and standards when it comes to blockchain technology.
Importance of regulations
While many discussions centre around blockchain technology, when it comes to regulations, most of the country is still figuring it out. Since the nature of blockchain is something completely new to the regulatory bodies, they often find it hard to strike the right balance between security and freedom. This new roadmap hopes to create an ecosystem where blockchain technology thrives and where its capabilities can be fully explored in a safe and regulated environment.
As mentioned in the National Blockchain Roadmap, Australia will focus on supporting global supply chain management systems and will further look into the tracking of assets through blockchain. The decentralized aspect of the technology is what makes it so popular, and it also represents the main commitment on Australia’s part to embrace this approach and promote decentralized management and distribution. Transitioning towards blockchain-based management could save a lot of money and improve customer experience. There are, however, new challenges that most people haven’t had a chance to deal with yet. The need for identity checks and security has never been so high. The regulations regarding the legitimacy of blockchain platforms need to be altered to ensure the quality of these services and information is maintained through and through.
The Blockchain capital
Australia has ambitious plans to become the global leader in the digital economy, in a ten-year period. Their efforts, when it comes to blockchain technology, have served as a testament to their commitment to this long-term leadership goals.
Ths roadmap has 12 steps that need to be completed by 2025, and the committee will provide support and advice for anyone who wants to get into this industry and is willing to contribute to the long term goals of the Australian government – concerning blockchain adoption and utilization. The committee will provide accessible information about the existing government programs, making services more popular.
This roadmap is one of the first of its type in the world. The countries are mostly hesitant to prioritize this technology and focus so heavily on development and adoption levels.