- Australia allocates almost $7 million for blockchain pilots under its digital business plan.
- Blockchain is predicted to generate an annual business value of AUD $3 trillion by 2030.
- Australia has been identified to be at the vanguard of DLT.
- Binance Australia partners with Blockchain Australia to advance blockchain adoption in the country.
The Australian government has recently released its digital business plan. As stated, $800 million worth of investment will be distributed to enable businesses to take advantage of digital technologies including blockchain.
Australia embraces digital transformation
As economies continue to crash, several governments are considering to explore potentials in digitalization. Amid the COVID19 pandemic, Australia is among the latest one focusing on aiding business and regulatory compliance to the virtual world.
Treasurer Josh Frydenberg said that the Morrison government was investing in Australia’s digital economy to keep businesses up and running, as part of their economic recovery plan.
He explained that,
The Governments’ Digital Business plan is targeted at building on this digital transformation of Australian businesses to drive productivity and income growth and create jobs, the Treasurer said.
The majority of the budget, $419.9 million, is meant to enable the full implementation of the Modernising Business Registers (MBR) program, while $256.6 million is intended to develop a digital identity system.
Moreover, among the key elements of the digital business plan is blockchain. To be specific, $6.9 million will be allocated for two blockchain pilots directed at reducing business compliance costs.
The future of blockchain is bright
Australia’s National Blockchain Roadmap Lead Chloe White expressed her delight in the allocated funds for blockchain projects.
She proudly stated:
The Government is making available $6.9 million to fund two blockchain pilots to explore the tech’s potential to ease regulatory burden for businesses. The National Blockchain Roadmap moving from strength to strength! Huge win 💪
More details in Tuesday’s Federal Budget, 6 Oct.
— Chloe White (@ChloeWhiteAus) September 28, 2020
Earlier this year, the government unveiled Australia’s National Blockchain Roadmap, with the outlined use cases being focused on the wine supply chain, university credentials, and know-your-customer (KYC) identity checks.
In fact, Australian banks are starting to bring digitized bank guarantees by utilizing the IBM Hyperledger technology.
Indeed, the future of blockchain is bright within this country as an interim report from Australia’s Select Committee on Financial Technology (FinTech) and Regulatory Technology (RegTech). It predicted that the technology can generate an annual business value of over AUD $239 billion by 2025, probably hitting the AUD $3 trillion mark by 2030.
Based on a 2016 Deloitte report, Australia has been identified to be at the vanguard of distributed ledger technology (DLT). Unsurprisingly, the percentage of blockchain-related Australian startups has surged to 8.1% from 3.4 % in 2016, showing the growth of blockchain in this area.
Last Friday, Binance Australia also announced its partnership with Blockchain Australia, an industry body for Australian businesses and professionals in the blockchain space, to help advance the adoption of blockchain technology in the state.