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Blockchain on the road to development in Australia


During the year 2019 we could observe the rise of the applications of the Blockchain technology, allowing to overcome barriers. Stressing that this work was done by both private companies and public organizations. An example is the case of China, when we stated that its development of the year was influenced by this technology. This 2020 we can observe how the other countries seek to ride the wave, as is the case with Australia.

Innovation via Blockchain

As we explained at the beginning of the article, Blockchain technology is having a positive impact on the world. One way of measuring it is by observing the countries’ plans to incorporate this technology into their productive structure.

Before we mentioned the case of China, which is one of the ones with the greatest impact. However, the same countries that have not tested Blockchain technology are discussing it, as we could see in Davos and the World Economic Forum.

Therefore, you can see a prediction that we exposed on the page years before even. We propose that the first years will be the test years, where countries prefer that others test the potential Blockchain first. Therefore, from now on we will observe more governments including this technology in their political agendas.

The case of Australia

The Ministry of Industry, Science, Energy and Resources from Australia designed a new national strategy aimed at capturing the potential value generated by the Blockchain activity. Particularly they focus on business-related matters, supporting the management and monitoring systems of the global supply chain.

The plan consists of 52 pages, divided into three main areas that include “regulation and standards”, “skills, capacity and innovation” and “international investment and collaboration”.

The strategy is presented as a review of the Blockchain objectives of March 2019, which sought to prioritize Blockchain standards related to terminology, government, security and identity. Highlighting that this stage can be known as the exploratory, since they first needed to know about the theme of the chain.

The ministry forecasts that Blockchain technology will generate a global annual commercial value of more than $ 175 billion by 2025 and more than $ 3 billion by 2030.

Australia’s interest and investment in Blockchain as a decentralized solution is a promise of technology. Offering significant cost savings in a number of industries, including finance, energy and manufacturing.

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I am an economics student, interested in innovation and technological development, always faithful that tomorrow will be a better day.

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