Australian Blockchain Tech Development Strategy is Ready

Feb 09, 2020 at 08:36 // News
Coin Idol
Australian government rolls out national blockchain tech development strategy

On February 7, the Australian government rolled out its national blockchain tech development strategy after nearly twelve months of groundwork. A long-anticipated national blockchain and distributed ledger technologies (DLTs) strategy finally launched this month, and it is concentrating on the business prospects the disruptive revolution is presenting to sectors ranging from finance to wine.

In March 2019, the two government bodies Ministry of Industry, Science and Technology (MIST) and the Ministry of Commerce, Tourism and Investment proclaimed the nationwide blockchain tech roadmap.

The head of MIST, Karen Andrews, disclosed the 5-year strategic plan will create the union of supervisory bodies, corporations and explorers' efforts related to the issue. The minister further unveiled the potential of blockchain and DLT to reinforce sales opportunities, that enable national producers to track their product, especially in case of wine export merchandises and labeling. Certainly, DLT must give the source of wine product as well as reduce the costs.

The wine industry is one of the country's most fruitful sectors. And wine products are doing well on the world market and contribute much to the growth of the economy. The nation boasts, actually, o'er 2,500 exporters that dispatch their wine merchandise to more than 120 destinations across the sphere.

Degrades the Distribution of Roadmap Funds

On the other hand, it seems that the Australian government hasn’t yet apportioned funds for the roadmap to be put into practice.

As told last year in March, former blockchain ventures by the regime, headed by Prime Minister Scott Morrison. They granted around $500,000 to the nation's Digital Transformation Agency for the period 2018-19, to discover the advantages of applying the blockchain and DLT for administration outflows and $350,000 to Standards Australia to support the growth and improvement of global DLT canons and grades.

Also, the paper proposes beginning complete economic modelling on the wine export product and labelling and actually how DLT could be used to this. The finance and banking industry will also be an important area of emphasis, with the strategy proposing "know-your-customer (KYC)" blockchains could be developed so that banking institutions plus financial technologies could easily identify new clients minus them having to give countless points of identification and proof of identity.

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