Australian Government Unveils National Blockchain Grand Plan
Australia is raring to become a global leader in blockchain technology. According to the Sydney Morning Herald, the country has rolled out its new national blockchain strategy and roadmap; that will overhaul Australia’s banking, export, and education infrastructure.
Moreover, the 52-page document, issued by Australia’s Department of Science, Industry, Energy and Resources highlighted that blockchain has the potential to create jobs, save companies money and improve Australia’s economic growth.
The development of the roadmap was initially announced by the minister for industry, science, and technology, Karen Andrews back in March 2019; and the Minister for Trade, Tourism and Investment Senator Simon Birmingham. Back then she noted:
“Together, we can drive the long-term development and adoption of blockchain technology, and capitalise on the tremendous economic and social opportunities it offers.”
The plan has been underway for almost a year now but finally, the country’s plan is for blockchain inclusion is here; which will initially focus on Australia’s thriving export industry. According to Karen Andrews, the digital ledger’s capacity to alter supply chain management will be handy. She claimed blockchain will help “strengthen export opportunities.”
“I think what’s really exciting is the potential for blockchain to strengthen export opportunities, helping Aussie producers and manufacturers track their goods, which are in demand around the world because of our clean, green reputation,” she said.
Furthermore, she noted that the blockchain roadmap can help add an estimated $175 billion (AUD 259.4 billion). However, as of now, the government has not allocated any funds to implement the plan.
The $1.9 Billion Wine Export
In particular, the blockchain roadmap will focus more on Australia’s wines export sector. The sector was worth a cool $1.9 billion (AUD 2.91 billion) last year. The document highlights that one strategy in particular; which necessitates compiling a “detailed economic analysis” of the wine export industry through blockchain technology.
Additionally, the document also acknowledges blockchain’s ability to modernize the banking process; In particular, when it comes to Know-Your-Customer (KYC) requirements. “As the use of blockchain in financial technology develops beyond cryptocurrencies, it presents opportunities to enhance consumer outcomes in retail banking, including through facilitating the KYC process,” the roadmap reads.
Blockchain to Facilitate Aussie Startups
Startups in Australia are also a major priority. The roadmap highlights the amends of policy to be comprehensive of digital technologies.The document reveals plans to partner with Austrade; Australia’s Government’s trade, investment, and education promotion agency.As per the grand plan, Austrade will design a development program for Aussie startups. This will expedite a blockchain-focused “inbound investment program” to lure the potential investors.
The Roadmap’s Advisory Committee
Karen Andrews divulged that the 52-pages roadmap was developed in association with industry, universities and the government with an advisory committee; made up of representatives from these sectors.
In addition, Blockchain Australia which represents all the Australian businesses tied up to the blockchain space; was among the participants of the advisory committee. According to the CEO of Blockchain Australia, Nicholas Giurietto:
“All 12 of the key recommendations of the roadmap are important but the standout recommendation is to establish a model of collaboration between industry, academia and government on progressing key blockchain use cases.”
In conclusion, the National Institute of Smart Governance (NISG) did publish a draft on the “National Strategy on Blockchain” on December 30. NISG is a non-profit firm incorporated by the government of India.