Australia Unveils Blockchain Roadmap, Creates $71,000 Fund

To bolster the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term industry in the country, Australia has unveiled a blockchain strategy and roadmap along with a federal corpus of AUD 100,000 (around $71,000).

In a March 18 joint media release by two Australian ministries, the country projected its desire to become a global leader in the nascent blockchain industry by focusing on a number of policy areas including “regulation, skills and capacity building, innovation, investment, and international competitiveness and collaboration.”

“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,” Karen Andrews, minister for industry, science, and technology, said. “We will work closely with blockchain and technology experts from industry and academia to develop the strategy, as well as with CSIRO’s Data61 to incorporate findings from their forthcoming future scenarios report on blockchain.”

Supporting the New-Age Technology

Andrews further detailed that his department will fund the Australian blockchain projects with AUD 100,000 to join Austrade’s Mission to Consensus in New York in May.

The Australian government had already invested AUD 700,000 (around $500,000) in the Digital Transformation Agency in 2018–19 to investigate the benefits of using blockchain for government Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, and further AUD 350,000 (almost 250,000) in Standards Australia to lead the development of international blockchain standards through the International Organization for Standardization, according to the press release.

“It is vital Australia and our tech companies stay ahead of the game in one of the world’s fastest growing technology sectors,” Simon Birmingham, Australian minister for trade, tourism, and investment, added.

“Austrade’s upcoming mission will connect Australian blockchain companies and start-ups with investors and customers with a view to expanding their businesses globally. Consensus is the leading event for blockchain globally and will present significant opportunities for Australian tech companies to showcase their products on the world stage.”

Betting Big on Blockchain

Meanwhile, Australian agencies are also embracing the decade-old technology. Last month, Finance Magnates reported that the country’s financial intelligence agency the Australian Transaction Reports and Analysis Centre (AUSTRAC) began testing the blockchain technology to automate fund transfer instructions.

Last year in July, the Australian government and IBM signed a five-year AUD 1 billion ($740 million) deal to improve data security and automation in federal departments using blockchain and other new technologies.