Australia Announces $100,000 Funding for Blockchain Development

In one of the important developments for the blockchain sector, the Australian government has gone ahead and announced a new national policy for the blockchain sector in the country. The strategy envisions a roadmap for blockchain development and more importantly, has made a separate provision of A$100,000 funding for the blockchain sector. The official announcement in this regard was helmed by the Minister for Trade, Tourism, and Investment, Simon Birmingham and Minister for Industry, Science and Technology, Karen Andrews.

Blockchain Framework

Elaborating on the road map, people privy with the discussion confided that the emphasis of the new strategy is to develop an ecosystem to help flourish the blockchain technology in the country. The focus will be on the development of the blockchain regulation framework, capacity building, innovation, and skill development, developing national and international competitiveness, and establishing global linkages around the globe. The government expressed its commitment to work closely with various cryptocurrency and blockchain stakeholders in order to develop a cohesive and a long term strategy for the blockchain space. In addition, the government is also willing to work with Data61 of CSIRO’s so as to integrate their findings for faster development of blockchain in the country.

So that you know, CSIRO stands for Commonwealth Scientific and Industrial Research Organization, and its DATA61 has been entrusted with the task of developing a new digital infrastructure for the business community of Australia. This will help in ensuring a smooth transition from conventional business practices to digitally enabled transactions. DATA61 has already recommended some of the changes and procedures required for the various government departments to adopt the blockchain technology in their daily working.

Funding for Blockchain

The government has also announced funding of A$100,000 for the Australian companies which will be participating in the “Consensus 2019” scheduled to be held in New York. This platform is one of the well-known blockchain technology stages, and the government is encouraging the Australian companies to come forward and showcase their products on this global platform. Besides, it will be a wonderful opportunity for the country’s blockchain companies to connect to customers and investors that, in turn, will help them to expand their business.

The Australian government has already made an investment of A$700,00 in a project related to find out what could be the possible benefits of using open ledger for making government payments. Another investment to the tune of A$350,000 has been made in the Standards Australia which is looking after the development of the international standards for the blockchain. The country is already witnessing the development of blockchain across the industries which include supply chain, logistics and distribution management, financial technology, agriculture, and various allied services. This new impetus coming from the government is surely going to prove instrumental in catalyzing widespread adoption of blockchain in Australia. Not only the government is encouraging the businesses to adopt the blockchain but also funding the efforts in order to ensure that things will come to the fruition. How much all these efforts are going to be in the future, only time will tell, but yes, all these really ignites the hope that the blockchain has a bright future in Australia.

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