Since the foundation of blockchain technology, it has been a part of many businesses and technologies. It is not only limited to the financial sector but is spreading across other industries too. Blockchain has also contributed to the global economy. The global revenue of blockchain technology will reach over $39 billion by 2025.
Australia is one of the first countries to adopt the blockchain technology. It has immense applications in every other sector in the country. The Australian government did not intervene in the blockchain technology until recently. The government has created a five-year plan to make changes in the laws of every industry.
But First, What Is Blockchain?
Blockchain is a sequence of “blocks” that are time-stamped. These blocks carry the information about the transaction, information about the transaction participants, and a digital fingerprint.
Blockchain is only accessible to the participants of the transaction. Users can reveal or hide their identity within the blockchain network by remaining completely anonymous. Thus, this technology eliminates any chances of cybercrimes and fraudulent activities.
The blockchain network is decentralized. In short, no authority handles blockchain. The blockchain ledger is distributed across a network of millions of computers. Every block is checked before being added to the network chain.
The information of the users is concealed with a digital signature. It is amazing how the blockchain technology works. The data of a digital asset movement can be tracked at any point. That makes this technology extremely safe. In addition to it, the data cannot be deleted or removed.
What Is the Australian Blockchain Roadmap?
Australia has been known for its blockchain adoption and innovative steps in the field. To propel the blockchain industry in Australia even more, the government has issued a blockchain roadmap that will be accomplished in 5 years. It will let more Australians learn about technology as well as increase investment.
The steps to be taken by the Australian government are as follows:
- The name of the National Blockchain Roadmap Advisory Committee has been changed to National Blockchain Roadmap Steering Committee. This committee will stay in charge of further development of the blockchain development in the country.
- The team members will be from various industries.
- The blockchain use case will be determined in multiple sectors, for example, finance, agriculture, education, and more.
- The government blockchain users will then discuss how blockchain applications are performing in various use cases.
- The international usage of blockchain will also be determined by the Australian government.
- The government will work in approximate with the blockchain firms. These firms will be asked to join the Business Research and Innovation Initiative (BRII) to determine what blockchain can handle.
- Blockchain will be included in many national policies.
- The Australian government will join the educational institutes and industries to create frameworks and courses to give qualifications in the field of blockchain.
- The Australian government will also collaborate with the Australian trade to create a space for the blockchain start-ups. This step is essential to be able to grow them internationally.
- The collaboration of the committee and Austrade will also build an inbound investment program.
- By using bilateral agreements with neighborhood countries, the Australian government will also work on pilot projects.
- The new roadmap will allow the current blockchain companies to connect with the Australian trade networks that are currently under development.
What Will Be The Future Of Australia After Following These Steps?
Before setting up the committee, there were a lot of complications in the path of adopting blockchain. The technology was regulated by the government and it was difficult to implement it in various applications. There was a case when a victim of blockchain fraud could not demand justice. But now the scenario will be different.
The Australian agriculture sector will be influenced by blockchain technology the most. Even if the food produced by Australia is high-quality, there’s still a threat of counterfeit product circulation in the market. The blockchain technology allows real-time tracking. Thus, it will be almost impossible to make any changes in the product production and delivery system.
Australian education standards are popular globally. So as the proof of identity and credential system. To prevent fraud credentials, blockchain can be the best application. It can also help in the admission process. Since everything will become digital, candidates can upload their documents easily.
The background checks will become much accurate and less time-consuming. No one will be able to produce the wrong credentials and fake work background in front of the employers.
Blockchain is an excellent opportunity to grow Australia as well as the other parts of the world. Some industries are welcoming this technology but some of them are yet to change their operations to completely adopt the blockchain. Whatever the case may be, it is worth implementing this technology into every field in Australia.