Australia unveils national blockchain strategy

Australia unveils national blockchain strategy

The Australian government has launched a national blockchain plan which it hopes will bolster its fintech sector.

The strategy, which was announced by Australia's minister for Industry, Science and Technology Karen Andrews, includes a roadmap outlining the various policy areas of focus such as regulation, skills, innovation, investment, collaboration and international competitiveness. it is also backed by A$100,000 in state funding.

The first use for the capital will be to fund the attendance of a number of fintechs at the Austrade Consensus Mission in New York, which the government describes as a "landmark event for the blockchain industry". 

"I want Australia, as far as blockchain technology is concerned, to lead the world," wrote Andrews on Twitter. 

The national strategy follows a pledge of A$700,000 in 2018 from the government's Digital Transformation Agency for blockchain investments realted to government payment schemes. A further A$350,000 has been given to Australia Standards to help develop blockchain standards. 

The capital committed to the national blockchain strategy pales in comparison though to the A$1bn due to be paid to IBM for a five year deal agreed with the Australian government in July 2018 to imprve data security and automation of federal departments via blockchain technology. 

 

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