AUSTRALIA RELEASES ROADMAP FOR ‘BLOCKCHAIN-EMPOWERED FUTURE’

The Australian government has released its national blockchain roadmap, one that aims to revolutionize the country’s blockchain industry. The roadmap talks about the opportunities that blockchain technology could unleash across sectors from supply chains and logistics to agriculture, with finance and banking being priority sectors.

The national blockchain roadmap read, “Blockchain technology is predicted to generate an annual business value of over US$175 billion by 2025 and in excess of US$3 trillion by 2030. The Australian Government is proactively addressing challenges and leveraging opportunities across a range of sectors to make this a reality.”

The country’s Ministry for Industry, Science and Technology and Ministry for Trade, Tourism and Investment had announced a national blockchain strategy and roadmap way back in March 2019. The latest roadmap is a product of a year’s worth of preparation and consultation.

Karen Andrews, Minister for Industry, Science and Technology, commented on the strategy and noted that the five-year blockchain roadmap would underpin the work of regulators, startups, and researchers on the matter, according to a report.

Andrews also said that the sector is set to be worth AU$259.4 billion ($175 billion) and that governments and private industries could all stand to benefit from embracing blockchain technology. She added,

“I think what’s really exciting is the potential for blockchain to strengthen export opportunities, helping Aussie producers and manufacturers track their goods, which are in demand around the world because of our clean, green reputation(...) Blockchain technology offers great potential to save money, initiate new business and export opportunities, boost economic growth and create new jobs.”