Recently, Australia revealed a national blockchain strategy and roadmap. This is in order to adopt the blockchain technology along with a federal corpus of AUD 100,000 (around $71,000). Australia Reveals its Blockchain Roadmap and Strategy.
Two Australian ministries, with the aim of becoming global leaders in the nascent blockchain industry, released this news on March 18. They also aspire to make a strong presence in the number of policy areas. This includes “regulation, skills and capacity building, innovation, investment, and international competitiveness and collaboration.”
Specifically, the Minister for Industry, Science and Technology, Karen Andrews, and the Minister for Trade, Tourism and Investment, Simon Birmingham made a joint policy roadmap and took the initiative.
“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. However, we will work closely with blockchain and technology experts from industry and academia. This is to develop the strategy. Also, to incorporate findings from their forthcoming future scenarios report on the blockchain.”
-Karen Andrews, minister for industry, science, and technology, said.
As per the media release, all previous investments with regards to blockchain technology from Australia’s liberal national government under Prime Minister Scott Morrison include:
- In 2018-19, the country’s Digital Transformation Agency initiated funding of AU$700,000 (~$500,000). This is to explore the benefits of using blockchain for government payments.
- Also, funds worth AU$350,000 (~$250,000) gave to Standards Australia to promote the development of international blockchain standards.
Now the country’s federal government, however, has committed AUD 100,000 ($71,139) to fund Australian blockchain projects in joining the Australian Trade and Investment Commission’s Austrade’s Mission to Consensus in New York in May.
Australia’s Minister for Trade, Tourism and Investment, Simon Birmingham states that he has already seen some competitive edge across a number of industries (including supply chain, fintech, resources, and services) due to its pro-blockchain stance in Australia.
“It is vital Australia stay ahead of the game in one of the world’s fastest-growing technology sectors. Similarly, Austrade’s upcoming mission will connect Australian blockchain companies and start-ups with investors and customers. This will expand their businesses globally. A consensus is a leading event for blockchain globally. It will present significant opportunities for Australian tech companies to showcase their products on the world stage”
-Australia’s Minister for Trade, Tourism and Investment, Simon Birmingham states
In July 2018, the Australian government and IBM signed a five-year AU$1 billion ($740 million). This deal is to improve data security and automation across federal departments.