Morrison Government extends further funds to develop blockchain industry

As per a Joint press release from the Minister for Trade, Tourism and Investment, Australia, The Australian Government has revealed a national blockchain strategy and roadmap.

The Morrison Government has funded AU $100,000 (~$71,200) with further funding from the federal government, which along with the roadmap would assist Australia to develop the country’s blockchain industry and improve Australia’s position in the global blockchain market.

The developed roadmap would concentrate on several policy areas; specifically, that includes regulation, skills and capacity building, innovation, investment, and international competitiveness and collaboration.

Karen Andrews, Minister for Industry, Science and Technology, stated that ” Australia needs to seize the opportunities presented by blockchain.”

Andrews further stated that “The national strategy puts us on the front foot in exploring how government and industry can enhance the long-term development of blockchain and its uses. We will work closely with blockchain and technology experts from industry and academia to develop the strategy, as well as with CSIRO’s Data61 to incorporate findings from their forthcoming future scenarios report on the blockchain.

He also added that “In addition, $100,000 funding will come through my department for Australian companies to join Austrade’s Mission to Consensus in New York in May, a landmark event for the blockchain industry, demonstrating the Morrison Government’s commitment to boosting this sector.”

Simon Birmingham, Minister for Trade, Tourism and Investment, stated that the strength of the country in the development of blockchain technology for businesses has already given positive results and such development has given the country a competitive advantage in various industries that include agriculture, fintech, resources, and services.

Birmingham also stated that “It is vital Australia and our tech companies stay ahead of the game in one of the world’s fastest growing technology sectors. Austrade’s upcoming mission will connect Australian blockchain companies and start-ups with investors and customers with a view to expanding their businesses globally. Consensus is the leading event for blockchain globally and will present significant opportunities for Australian tech companies to showcase their products on the world stage.”

The Liberal National Government had previously invested $700,000 in the blockchain technology. It invested the fund in the Digital Transformation Agency in 2018–19 to examine the advantages associated with using blockchain in respect of government payments and had also invested $350,000 to Standards Australia to direct the development of international blockchain standards via the International Organization for Standardization.

As per the press release “The Coalition is committed to supporting innovation and technology, and promoting Australian talent through the $1 billion National Innovation and Science Agenda, as part of our job-creating plan to grow Australia’s economy. This plan for a stronger economy has already helped create over 1.25 million jobs since 2013.”

The release also explained the concept of Blockchain and stated that Blockchain is a distributed ledger technology that would record and check the transactions that exist within a computer network with the help of potential applications developed specifically for business and governments. It would also be used guarantee and secure transactions by illustrating the benefits across Australian industries that would cover various sectors such as finance, legal, agriculture and supply chains.