As part of Australia’s Blockchain Roadmap they have allocated AU$6.9 million over the next two years to support industry-led pilots to demonstrate the application of blockchain technology and reduce regulatory compliance costs to encourage broader take-up of blockchain by Australian businesses.
The investment was handed to the Department of Industry, Science, Energy and Resources to explore the feasibility of blockchain, specifically in the area of regulation. They’ll create two pilot projects with the purpose of demonstrating to the industry how blockchain can reduce the cost of regulatory compliance.
Canberra Digital Business Plan
This investment is part of the Canberra Digital Business Plan which stated:
The aim is to implement blockchain technology where there are issues of security, provenance, traceability, and verification. Most of these issues are prominent in the financial sector.
Tim Bradley, General Manager of Emerging Technologies and Adoption
Bradley also pointed out that they aim to follow the Australia Blockchain Roadmap which was made available in February 2020. This 52-page document outlines how to progress to a blockchain-empowered future, and focuses on key areas: Regulation and standards; skills, capability, and innovation; international investment and collaboration; and sectoral opportunities.
Meanwhile, the Australian Public Sector (APS) Blockchain network has been established, and is open to any APS staff be they federal, state, or local that are interested in contributing to the Australian blockchain industry.
There are about 70 representatives from across the blockchain industry who are very actively engaged in looking for further opportunities for where the technology can be deployed, both in government and elsewhere.
Tim Bradley, General Manager of Emerging Technologies and Adoption
Growing Support For Blockchain in Australia
It seems there are increasing prospects for the use of blockchain by the Australian government after Blockchain Australia CEO Steve Vallas called for more support from government and regulators in order for Australia to become a front-runner and not be “underdeveloped” in this regard.
Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.
Credit: Source link
