Australia’s Blockchain implementation in the pipeline!

By Rajat Gaur

The Blockchain technological race is catching up at a very fast pace. Many new startups and companies are slowly dipping their feet to strategize blockchain management. Keeping aside companies, there are also many countries that are joining the race to make their economy go cashless and make it full-front digital. China has been a great influencer in this regard and the fervor has slowly caught up to the country of Australia as well. 

Australia makes it official!

The Blockchain development plans of Australia were on the development desk for a very long-time and with growing competition, the country has finally broken the ice. 

The country has laid out an effective and sturdy blueprint that the country is going to implement with regard to Blockchain technology establishment.

The Blueprint clearly mentions the intention of the country to monetize and adopt blockchain as a part of their economy. There are a lot of other insights as well that are being placed into the slot.

The country right now is planning to introduce the blockchain technology to the various industries of the country ranging from agriculture to finance. The main objective of Australia is to make it a safe transition from the existing economy to the blockchain-powered economy without inflicting confusion and abnormal delays. 

The forecast seems solid!

With this move, the country foresees many advantages and many out of the lot would be job opportunities that would greatly push the economies of the companies that have invested in the country. With the plans for the blockchain haul set, the Australian government aims to wind up with a business net value of over $175 Billion US dollars by 2025. The forward trajectory predictions also indicate that the country will also be at a high business value of nearly $3 billion in excess by 2030. 

All these numbers seem to be exciting and if the Australian government were to pull off the plan successfully, the economy will uplift thrusting the value of the business in Australia to the skies. 

The plan has 12 recommendations that will play a vital role in establishing a prevalent role in the country in the Blockchain space. This will deeply boost imports and exports as well leading to a boost in the overall economy. 

The Minister. for Industrial science and technology, Mr. Karen Andrews claims that the overall success of this plan will lead to billions and billions of dollars in revenue for the Australian government.