Australia Unveils National Blockchain Roadmap, Increases Blockchain Budget Allocation

Australia Unveils National Blockchain Roadmap, Increases Blockchain Budget Allocation

Australia has just revealed a holistic national strategy and roadmap for the adoption and development of blockchain technology. This sets a notable precedent, and serves as a governmental validation of sorts for the nascent technology.

The new policy roadmap intends to establish Australia as ”global leader” in blockchain

This news was announced on March 18th, in a joint media release from two separate Australian ministries. Specifically, this was done by the Minister for Industry, Science and Technology, Karen Andrews, and the Minister for Trade, Tourism and Investment, Simon Birmingham.

Furthermore, the two ministers argued that this fresh policy roadmap would allow Australia to emerge as a ”global leader” within the blockchain field. In addition to this, the roadmap will cover and aim to stimulate the growth of various facets of blockchain technology.

Specifically, it aims to establish and boost blockchain-related ”regulation, skills and capacity building, innovation, investment, and international competitiveness and collaboration.”

Moreover, it was also announced that the Australian government would further increase the budget allocation designated for blockchain-related spending. This latest funding stimulus grows the budget by a comparatively meager AU$100,000 – or by around $71,200.

Nevertheless, it should be noted that this comes in addition to the AU$700,000 (~$500,000) already allocated to Australia’s 2018-2019 budget for its Digital Transformation Agency to examine the benefits of blockchain-based government payments.

Furthermore, Australia’s government has already allotted an additional AU$350,000 (~$250,000) to Standards Australia, in a bid to boost the development of standardized global blockchain standards.

This announcement shows Australia’s commitment to blockchain

As such, the latest round of funding will allow the Australian Ministry for Industry, Science and Technology to entice companies to enroll in the Australian Trade and Investment Commission’s (Austrade) expedition to this year’s Consensus blockchain conference in New York City.

However, this latest funding is arguably not anywhere as important as the Australian government’s renewed commitment to developing blockchain technology and regulations.

Minister Birmingham noted that this endorsement will stimulate the growth of blockchain companies ”down under”, in effect ensuring that Australia and the nation’s tech companies will remain relevant in ”one of the world’s fastest growing technology sectors.”

Minister Andrews also suggested that this decision would propel Australia to the international forefront of blockchain technology development:

”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.”

Photo by Patrick McLachlan from Pexels

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