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Karen Andrews, Australia‘s Minister for Industry, Science and Technology, has recently announced through a press release that the current Australian administration – the Morrison Government – will help to boost blockchain technology by laying the required foundations to write a national blockchain roadmap and donate AU$100,000 ($71K) towards advancing its usage within the public sector.
Presumably, this will help Australia becoming a “world leader” in the budding blockchain industry. According to Karen Andrews, this is a lifetime opportunity to utilize the advent of blockchain technology that Australia shouldn’t miss.
“The national strategy puts us on the front foot in exploring how government and industry can enhance the long-term development of blockchain and its uses,” said Andrews, after calling for Australians to “seize the opportunities presented by blockchain.”
She promised that the national blockchain roadmap will focus on primary aspects of adopting blockchain that include strict yet business friendly regulation, required skills and capacity building, innovation, investment, international competitiveness and collaboration. She further declared a $100,000 ($71,000) of funding for Australian blockchain startups and ventures which are looking forward to joining the Australian Trade and Investment Commission (Austrade’s Mission) at Coindesk’s Consensus conference in New York in May this year. The funding will directly come from the Commission.
Explaining Austrade’s Mission, the Minister for Trade, Tourism and Investment Simon Birmingham stated the following:
“Austrade’s upcoming mission will connect Australian blockchain companies and start-ups with investors and customers with a view to expanding their businesses globally.”
The mission is to work with industry experts to figure out the various ways of utilizing blockchain in all possible fields of business that will not only boost Australia’s strength in the development of blockchain technology but will also give it the competitive edge in the global economy. “It is vital Australia and our tech companies stay ahead of the game in one of the world’s fastest growing technology sectors,” Minister Birmingham said.
It isn’t the first time that Australia has prepared such initiatives to propel blockchain adoption in the country. Previously, in 2018, the Liberal National Government invested AU$700,000 ($521,000) into the ‘Digital Transformation Agency’ with the aim to find out the benefits of blockchain for distributing government payments.
A further AU$350,000 ($249,000) was also given to Standards Australia in order to create international blockchain standards with the help of the International Organization for Standardization. But one of the biggest investments by the Aussies was AU$1 billion ($771M) contract awarded to IBM in 2018 which can dwarf all the aforementioned investments. The country also began exploring blockchain recently with a “Smart Money” app.