Australian blockchain strategy — preparing for a global multi-billion market

12 Feb, 2020

The Department of Industry, Science, Energy and Resources has now published a “Blockchain Strategy” on behalf of the Australian government. It describes the measures and proposals to be implemented by the Australian government within the next 5 years. To this end, the roadmap formulates 12 demands to create a political and regulatory framework in which the government, industry, and research can apply the technology.


Great opportunity for the economy

The 52-page roadmap highlights the opportunities of the blockchain to create jobs, help businesses and promote Australian economic growth. The plan, therefore, sets out DLT’s objectives, problems, and opportunities in several sectors of the economy to “save money, solve problems, increase efficiency in several processes and create new opportunities”.

Great opportunities are seen above all in the export industry, where goods could be certified via the blockchain, for example, or appropriate traceability could be used. This would not only exploit savings potential but also create new jobs.

One seems to be particularly optimistic about global growth because here one refers to a study that assumes a 175 billion US dollar market in 2025 and is ultimately to grow into a multi-billion market.


Australian Blockchain Strategy — 12-step program

The government’s Blockchain Agenda, however, comprises the following twelve specifications:

  1. Formalization: establishment and assignment of special political offices.
  2. The establishment of cross-cutting working groups from industry, research, and government, in exchange with regulatory authorities.
  3. Researching applications in specific sectors such as agriculture, education and finance and developing appropriate KYC applications.
  4. Setting up a control group to evaluate possible applications of the technology for the government and also consider further modifications.
  5. Comparison of blockchain services with other countries to transfer corresponding applications.
  6. Working closely with blockchain developers to interact with the government’s Business Research and Innovation Initiative (BRII) program.
  7. Inclusion of the blockchain in general political work.
  8. Cooperation between industry and educational institutions to develop framework conditions and course contents for blockchain qualifications.
  9. Working with the Australian Trade Commission (Austrade) to develop a regulatory framework for blockchain start-ups.
  10. Working with Austrade to set up investment support for blockchain start-ups.
  11. Use existing bilateral agreements to enter into pilot projects and cooperation with other countries.
  12. Work with relevant government departments to engage Australian businesses in the digital commerce infrastructure.

As a result, the Australian government has set itself a tight program for the next five years. Above all, the roadmap illustrates the development of new economic sectors through block-chain technology and


Learning from Australia

Last year, the German federal government presented its blockchain strategy, but it met with widespread criticism from the opposition and associations. Too few concrete measures and too many declarations of intent, which lead nowhere, is the criticism. Read more on the German regulation here.

In Australia, on the other hand, the intention is to specifically promote areas that receive an immediate advantage from the use of blockchain technology. Although they are also feasibility studies, the main objective is addressing and realizing use cases.

Source: BTC-Echo

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