Providing fulcrum for export, banking and financial industries, Australia releases national blockchain strategy roadmap

According to Cointelegraph reported on February 7, after nearly a year of preparation, the Australian government will launch a national blockchain strategy on February 7 (Friday).

australia-3795893_1280 (Image source: pixabay )

In March last year, the Australian Ministry of Industry and Technology and the Ministry of Trade, Tourism and Investment announced the National Blockchain Strategic Plan, which is almost a year away.

The new blockchain policy roadmap aims to make Australia's nascent blockchain industry a global leader, and the country's wine industry, banking and finance will be the focus of blockchain deployment.

Blockchain strategy pays special attention to domestic wine

The Sydney Morning Herald reported on February 7 that Australian Industry and Technology Minister Karen Andrew, while outlining the development of the plan, said that the five-year blockchain link map will provide regulators, startups and researchers in the block The work in the field of chains provides the basis. She also mentioned that the value of the industry will reach A $ 259.4 billion (approximately $ 175 billion).

Andrews pointed out that blockchain can increase the country's export opportunities, while also enabling domestic manufacturers to trace their products, especially in terms of wine exports. In addition, the blockchain is expected to secure the source of wine and cut some expenses.

Wine is one of Australia's most successful export products, with more than 2,000 exporters shipping the country's wines to 123 destinations worldwide. Australian wine exports are reported to have increased by 3% in 2019 to reach A $ 2.91 billion (US $ 1.9 billion).

Australian funding in blockchain

However, the Australian Government has not actually allocated any funds for the implementation of the Blockchain Roadmap.

A report last March showed that under the leadership of Prime Minister Scott Morrison, the Australian government's blockchain investment in fiscal year 2018-19 was $ 700,000 (about $ 500,000) allocated by the government to the country's Digital Transformation Agency The purpose is to further explore the benefits of using blockchain for government payments. The government also provided the Australian Standards Agency with a grant of 350,000 Australian dollars (about 250,000 US dollars) to promote the development of international blockchain standards.

Appropriations from other countries in the field of blockchain

The UAE's Fourth Industrial Revolution Centre (a multi-stakeholder organization focused on science and technology), the Dubai Future Foundation and the World Economic Forum jointly published a paper in January this year stating that the deployment of blockchain technology can be Save over $ 3 billion.

But at the same time, Cointelegraph reported at the end of January that a large Russian company recently decided to reduce the development expenditure of blockchain in Russia by at least 50%. Russian government-backed Rostec plans to invest 28.4 billion rubles ($ 453.2 million) in Russia to develop blockchain technology by 2024 instead of the original 55 billion rubles (877.8 million) to 85 billion rubles (1.3 billion USD).


Source: Cointelegraph

Author: Ana Alexandre

Compilation: Captain Hiro