The roadmap would cover several development areas of blockchain which include innovation, skills and capacity building and regulations

With an added AU$100,000 funding from the government, Australia has recently announced a national blockchain roadmap and strategy. The government’s blockchain endorsement is expected to help Australia and its proficient tech companies advance in one of the world’s fastest growing technology sectors and stay ahead of the competitors.

Simon Birmingham, Minister for Trade, Tourism and Investment and Karen Andrews, the Industry, Science and Technology minister, have jointly said that the new policy roadmap’s objective is to turn Australia’s emerging blockchain industry into a global leader. The roadmap would cover several development areas of blockchain which include innovation, skills and capacity building, regulations, investment, and international competitiveness and collaboration.

It has also been observed that earlier blockchain investments from Australia’s liberal national government had directed AU$700,000 towards the country’s renowned Digital Transformation Agency in 2018-2019 for exploring the advantages of using blockchain for government payments. Also, AU$350,000 was allotted to Standard Australia to encourage the growth of standardized international blockchain standards.

The new funding particularly allows Ministry for Industry, Science and Technology to sponsor companies from Australia to join the Australian Trade & Investment Commission (Austrade)’s mission to the Consensus block chain conference being held in New York City soon this year.

Minister Andrews has also explained that they will work closely with technology and blockchain experts and with CSIRO’s Data61 for including vital findings from their upcoming future scenario reports on blockchain.

For the record, CSIRO (Commonwealth Scientific and Industrial Research Organization) is a profound Australian government corporate entity that is responsible for managing scientific research and facilitate to local industries. In the past year, it has been seen that many vital initiatives have been taken in Australia to incorporate blockchain in government and financial sectors.

According to a media release, in July 2018, the Australian Government and IBM signed a five-year AU$1 billion (US$740 million) deal to utilize blockchain and other advanced technologies to enhance data security and automation in other federal departments.