Australia Unveils Blockchain Project Plans And Government Funding

Australia Unveils National Blockchain Roadmap Increases Blockchain Budget Allocation

This latest funding stimulus grows the budget by a comparatively meager AU$100,000 - or by around $71,200.

The federal government has revealed plans to develop a national blockchain strategy and roadmap aimed at making Australia a global leader in the development and adoption of the technology.

Furthermore, to help Australia's blockchain tech companies "stay ahead of the game in one of the world's fastest growing technology sectors", both Andrews' and Birmingham's departments will work with the Commonwealth Scientific and Industrial Research OrganIzation (CSIRO) to help develop a "future scenarios report" on the state of blockchain technology in the country.

According to Andrews, this roadmap will set Australia on the right path to seizing the opportunities presented by blockchain technology.

In addition, the country's federal government has committed AUD 100,000 ($71,139) to financially aid Australian companies in joining the Australian Trade and Investment Commission's (Austrade's) "Mission to Consensus" blockchain conference that is slated to take place in NY in May 2019.

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The roadmap is expected to focus on policy areas like "regulation, skills and capacity building, innovation, investment and global competiveness and collaboration", the government said.

Interestingly, this is not the first time that the Australian government is investing in the development of blockchain technology. These were described with a number of obscure business buzzwords like: skills and capacity building, innovation, global competitiveness, and collaboration. Less than one year ago, the government invested AU$700,000 ($521,000) worth of tax payers' money into something called the "Digital Transformation Agency", which was tasked with investigating blockchain's suitability for distributing government payments.

According to the press release, previous blockchain investments from Australia's liberal national government have included $500,000 United States dollars to the country's Digital Transformation Agency in 2018-19 which look into the benefits of using blockchain for government payments as well as $250,000 to Standards Australia to promote the development of global standardised blockchain standards. The agency researched how blockchain is being used around the world in public and private sectors as well as existing case studies from Australian government agencies.

Minister for Trade, Tourism and Investment Simon Birmingham said the event would allow Australian blockchain companies and start-ups to connect with investors and customers.

On top of all, she believes that the nation needs to "seize the opportunities presented by blockchain".

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