banner
Australia published a report on national blockchain development
Australia published a report on national blockchain development
Blockchain

Australia published a report on national blockchain development

By Amelia Tomasicchio - 7 Feb 2020

Chevron down

The Australian government has published a 52-page report explaining the guidelines and roadmap for the national development of the blockchain industry in Australia. 

The report’s title is “The National Blockchain Roadmap: progressing towards a blockchain-empowered future” and was written by the Australian Department of Industry, Science, Energy and Resources (DISER), according to which by 2025 the blockchain will bring over 175 billion and over 3 trillion dollars annually by 2030

In addition, according to this study, the blockchain could help the continent save 15-20 billion dollars annually by 2022 in the financial services sector alone, as well as avoid losing the 1.68 billion Australian dollars lost in 2017 due to counterfeit food and beverages.

The Government has estimated that there are currently about 140 small and medium-sized blockchain companies in the country, with a focus mainly on the financial and insurance sector (about 40) and technical services (about 20).

93% of these companies have fewer than 200 employees, although these numbers have increased by 8% from 2016 to 2018. Among other things, Australia is the sixth-largest blockchain patent holder in the world (49).

In any case, the indications for the development of the nation in the tech sector include some important tasks that can be summarized as follows:

  • Formalize the creation of the National Blockchain Roadmap Steering Committee, a committee with the task of checking that the roadmap is followed;
  • Collaborate with research companies to do analysis and understand the next use cases;
  • Create a group of government people to use the blockchain to analyze, learn and disseminate the use of technology;
  • Identify other countries from which to take the lead in technology development;
  • Improve crypto regulation, including security and privacy.
Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eido. She is now the co-founder and editor-in-chief of The Cryptonomist.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.