The Australian government is taking significant steps in adopting blockchain in its daily operations. Earlier today, the country released its “National Blockchain Roadmap” to improve the nation’s productivity in different sectors.
Australia Published Blockchain Roadmap
Less than a year ago, the federal executive Government of Australia (the Morrison Government), announced that it will develop a National Blockchain Roadmap. With a cost of 100,000 AUD, its idea was to utilize blockchain usage in several fields of operations.
Today, the nation’s Minister for Industry, Science, and Technology, Karen Andrews, said that the roadmap is ready. She noted that the government worked collaboratively with a large number of researchers.
Minister Andrews believes that blockchain can be beneficial for the public and private sector, and it provides a continuously growing number of job opportunities:
“Blockchain technology offers great potential to save money, initiate new business and export opportunities, boost economic growth, and create new jobs. Governments and private industries all stand to benefit from embracing this technology.
Employment opportunities in blockchain are growing substantially, with rapid growth in job advertisements since 2016.”
Despite being generally associated with the financial sector, the blockchain roadmap includes many different industries as well. These include agricultural, education, and transportation.
Furthermore, Andrews informed that by combining blockchain’s roadmap with a previous one for artificial intelligence, it should establish Australia as a leader in the digital era.
Risks and Concerns
The Morrison Government also shares its concerns for potential threats coming from adopting blockchain technology for mass usage. Moreover, the publication advises that to work properly, it would have to be incorporated in a regulatory framework fit for its purposes.
Some of the challenges listed include maintaining trust, ensuring the security of the blockchain systems and the integrity of the data, identifying participants, and balancing privacy with transparency.
To address most of these concerns, the government has provided 350,000 AUD to Standards Australia. The latter will utilize the International Organization for Standardization (ISO) to develop a form of a regulatory framework to ensure the technology’s integrity.
The Morrison Government also recognizes that other countries, such as the U.K., China, and Singapore, are making rapid progress in utilizing blockchain’s potential. Thus, the country is willing to cooperate with other nations to ensure that it remains a pivotal player in this manner.