Australia to Develop a National Blockchain Road-map to Nurture Local Industry

By Kapil Gauhar

The federal government, to nurture local industry, will develop a national blockchain strategy in a bid to position Australia as a global leader in the domain.

Karen Andrews, the Minister for Industry, Science and Technology, announced the roadmap and $100,000 in accompanying the funding on Monday with the aim of nurturing a burgeoning industry.

It comes just a few weeks after the advice from the Digital Transformation Agency to urge pragmatism from agencies across the use of blockchain in the government.

The government said –

“The roadmap is expected to focus on policy areas like regulation, skills and capacity building, innovation, investment and international competitiveness and collaboration.”

With the government’s views on the matter, it can be said that the strategy would be developed in consultation with experts from industry and academia. Not only that but with CSIRO’s digital arm Data61, which will include its findings on the blockchain.

Data61 has directed much of the government’s investigations into the practical blockchain applications to date, which include working with the Commonwealth Bank for bringing programmable money to the National Disability Insurance Scheme (NDIS).

As part of the project, it developed and trialled a blockchain-powered prototype application with NDIS participants as well as service providers as a test case for the potential use of “smart money.”

Andrews said –

“The strategy would put Australia on the front door in exploring how government and industry can enhance the long-term development of blockchain and its uses.”

The $100,000 funding will be used for bankrolling attendance by Australian firms at Austrade’s third Mission to Consensus in New York in May, that Andrews articulated as “a landmark event for the blockchain industry.”

Simon Birmingham, the Minister of Trade, Tourism and Investment, said –

“The event would allow Australian blockchain companies and startups to connect with investors and customers. The consensus is the leading event for blockchain globally and will present significant opportunities for Australian technology companies to showcase their products on the world stage.”

He added –

“It is vital that Australia and our tech companies stay ahead of the game in one of the world’s fastest growing technology sectors.”