Australian Government Hopes Blockchain Tech Will Help Economic Boost

Australian Government Hopes Blockchain Tech Will Help Economic Boost

The Australian government recently published a paper detailing the digital strategy of the country.

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The Australian government recently published a paper detailing the digital strategy of the country. One of the most notable points of the paper was the choice of the blockchain technology by the Australian government as a technology which would transform the digital economy of the country as well as the IT infrastructure.
The Australian government has been moving in the right direction to grow its digital economy. A week back, the Australian government unveiled its digital economy initiative which invited citizens as well as corporations to initiate a discussion on the digitization of the Australian economy and its impact on the citizens. The initiative was announced by the Department of industry, innovation, and science.
Blockchain technology was not the only technology which was highlighted in the consultation paper. Along with it, the technologies highlighted in the paper were 5g spectrum as well as artificial intelligence. However, the blockchain technology received a lot of attention from the government with regards to developing a proper digitization strategy for the entire country.
The paper clearly stated that the government was banking on the continuous connectivity of citizens as well as corporations through the Internet to give an impetus to the economy. The paper specifically highlighted the blockchain technology especially the ledger technology and also stated that machine learning would help Australia as a country to evolve and trigger innovation which would propel the economy as well as productivity of the country further.
The paper further added that blockchain technology is the future and can have a large impact on the financial industry. The paper clearly stated that the impact of the blockchain technology would not just be limited to the financial sector but to other sectors as well like government services as well as real estate and energy. The paper stated that any industry where verified transactions are required is ripe for disruption by the blockchain technology. The main advantage of blockchain technology is that it does not need any kind of authority or monitoring institution in order to verify the transaction and process it.

Increased reliance on the blockchain

The Australian government has been proactive in accepting as well as encouraging the use of blockchain technology. This paper is another initiative by the Australian government to bring the benefits of blockchain technology to the fore and to trigger a discussion on the same. These steps are not just superficial as the Australian securities and investment commission had also published a paper for the Australian corporates as well as start-ups which guided them through the process of utilizing the blockchain technology for their financial transactions. The extensive research is not just limited to Australia’s financial services regulator but is spread across different departments of the government. Australia’s main research organization in the past as well has shared research reports on the Internet about the use of blockchain technology. These steps by various Australian organisations aim to make Australia a leader in the blockchain technology rather than a follower.
Even though the central banks of some other countries are still skeptical about blockchain technology as well as cryptocurrencies, Australia’s central bank is already trying to find solutions with the help of which, blockchain technology can be integrated into the mainstream economy. This was revealed by Australia’s central bank in April of this year.
Australia is also one of the first nations to provide a tax break on gains from Bitcoins as well as other cryptocurrencies. A week ago, the Australian government tabled a bill to avoid the double taxation of cryptocurrencies. All these steps indicate the clear direction of the Australian government to be at the forefront of the blockchain revolution.