Blockchain Will Have Profound Impact on Economy: Australian Government
The federal government agency for scientific research in Australia stated that blockchain will have profound impact on economy.
The Commonwealth Scientific and Industrial Research Organisation (CSIRO), the federal government agency for scientific research in Australia, stated that Blockchain technology will have a profound impact on the Australian economy.
In particular, researchers at the CSIRO noted that Blockchain’s application in optimizing supply chains is highly promising, as it provides a decentralized, transparent and secure ledger that can be updated in real-time.
Data 61, a specialist unit of the CSIRO, led a study on Blockchain technology and its potential impact on leading Australian sectors such as agriculture, banking, healthcare, logistics and other public sectors. Analysts from Data 61 specifically looked into the ability of Blockchain technology to manage, secure and process data as well as the implementation of Internet of Things (IoT) devices.
The study of Data 61 is a 12-month-long research initiative participated by officials from the government and leaders of various industries. It allowed the Australian government and its financial agencies to investigate closely into the Blockchain and cryptocurrency sectors, which also led to the elimination of double taxation on Bitcoin.
Treasurer Scott Morrison, who commissioned the 2016 federal budget, stated that Australia has evolved into a leader in Blockchain technology development along with other countries such as the UK, Hong Kong and South Korea.
Morrison further explained that the government intends to provide “guidance on how they can accelerate their take up of Blockchain technology” in the near future.
Is Australia now a global leader of Blockchain technology?
The UK and Hong Kong government released various platforms and collaborative projects with Blockchain startups and major financial institutions to lead the Blockchain and Bitcoin industries with efficient and practical regulatory frameworks.
Thus, it is difficult to characterize Australia as the global leader of Blockchain technology and Blockchain development as of yet. However, the local government is beginning to make significant efforts to ensure its Blockchain industry grows at a rate that is on par with other innovative countries.
One application of Blockchain technology and cryptocurrencies such as Bitcoin the Australian government, CSIRO and Data 61 are looking into is remittance. Due to its transparent and decentralized nature, Blockchain technology is being used by cryptocurrencies and projects such as Bitcoin and Ripple to process payments efficiently without the existence of intermediaries.
Australia Blockchain Remittance_Cointelegraph_6.7.2017
Blockchain as supply chain platform
Another application of Blockchain Data 61’s report emphasized was supply chain. Currently, some of the world’s largest Blockchain consortia such as Axoni, R3 and Hyperledger Foundation are utilizing Blockchain technology to help large-scale commercial companies use a distributed ledger to optimize their operation.
In regard to Blockchain’s application as a supply chain platform, Morrison noted that Blockchain technology will have a profound impact on the Australian economy by “delivering significant productivity, security and efficiency gains.”
More importantly, by using more Blockchain-based technologies such as smart contracts that are being developed by Blockchain protocols and networks such as Ethereum, large-scale companies will be able to autonomously handle operations and significantly reduce costs.