The roadmap focuses on areas such as investment, regulation, and innovation. The new plans have been devised with the hope of turning the country into a global leader in blockchain technology.
“The national strategy puts us on the front foot in exploring how government and industry can enhance the long-term development of blockchain and its uses,” says Karen Andrews, Minister for Industry, Science, and Technology.
With this move, and many others like it, it is no surprise that a lot of countries are jumping on the blockchain technology bandwagon.
Australia’s national blockchain strategy is being boosted by $100,000 in funding by the federal government. This support is helping the country to recognise the capabilities of blockchain and boost wider adoption.
Blockchain technology is now an industry in Australia that is becoming recognised for the opportunities it presents. This has been shown by the number of initiatives now in development to help implement blockchain across the financial and government sectors.
Last year, IBM signed a deal that was worth over $740 million USD. The five-year contract was to help the Australian government use blockchain and other new technologies to improve security across all federal departments.
Motivating other countries
Australia is proving that with the help of government funding, blockchain can be implemented seamlessly into different sectors to help the growth of businesses.
2019 is proving to be the year of regulation. People and businesses are starting to see the need for regulatory support to help the adoption of blockchain to further its push for mainstream adoption in the world’s ecosystem.
If every country starts to see the potential of blockchain and uses their own governments to implement regulation, then we might just start to see the technology being used more and more.
Countries are adopting regulation to aid the future of blockchain
Many countries are already seeing the benefits of having stricter regulation surrounding blockchain, including Japan, Switzerland, and Russia.
Switzerland has been making large moves towards becoming one of Europe’s most technologically-advanced nations. It has created its own Silicon Valley known as the Crypto Valley and has started to relax its laws on cryptocurrency and blockchain. The country hopes that by adapting current regulations, it can clarify certain laws surrounding trading platforms for cryptocurrencies.
Russia is another country that is proving to be serious about blockchain technology. The main goal of Russia’s regulation is to help achieve a better framework so blockchain companies have the ability and surroundings to flourish and grow innovation in the country.
If countries want to fight for the right to be global leaders in the space, they will all need to start following in the footsteps of Australia and similar countries. Australia’s blockchain roadmap has shown us what support from governments can achieve. Is 2019 going to be the year that blockchain is truly recognised in all sectors?
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.