Dreams that blockchain technology will change the world will become a reality (very soon). The Australian government has developed a road map for the integration of the blockchain in the economy and the next 5 years will devote to the implementation of these plans. Under the new national strategy the government will rebuild infrastructure and improve the banking, export, education and other sectors using the technology of the distributed registry. The plans also include support and funding CryptoStream. According to preliminary estimates, the new direction of development by 2025 will bring into the economy an additional $175 billion a year. Read more about the ambitions of Australian officials and their impact on the crypto-industry — in the material DeCenter.
Australia aiming for the title of world leader in the field of digital technologies on the basis of the distributed registry. In March 2019, the government allocated $100 000 to develop a road map for mass integration of block chain technologies in public infrastructure. Almost a year later, in early February, 2020, the Ministry of industry, science and technology, Australia has officially announced the successful completion of the work.
According to the published road map, the country is building a truly Grand plans and no less Grand is going to bring them to life. In a 52-page presentation of the lion’s share of material on the blockchain technology and the pace of its development. According to Australians, it is the most advanced digital technology of today, and to ignore it is a crime. In Australia alone the popular segment is growing at an unprecedented pace. For example, demand for blockchain-specialists from 2017 to 2018 grew by a crazy 300% and still significantly exceeds supply.
The demand for blockchain professionals in Australia is constantly growing. Source.
However, the complexity of the technology hindering its growth. This applies to both regulatory and technical aspects, which integrate the blockchain in a particular economic sector is not the easiest task. Do not forget that a huge number of people still do not understand how it all works, and simply are not aware of all prospects of such integration. Australian authorities intend to solve each of these problems.
The current road map is designed for 5 years. During this time the country will implement blockchain technology in various sectors of the economy:
education among others.
Due to the transition to a new vector of development, the state expects to build «a future based on blockchain» to create new jobs, simplify the work of banks, increase productivity/profitability, to improve the quality of educational institutions, reduce fraud and, eventually, to provoke new economic growth.
Ambitions in the last question look the most impressive. According to the expectations of the Ministry, this step:
Already by 2022 will save us $15-20 billion a year in financial services.
By 2023 through the blockchain every year there will be about $2 trillion.
By 2025, due to the blockchain technology total business revenue will grow by $175 billion a year. The same, but in yuan, recently printed China that the stock market has avoided disaster on the background of the coronavirus.
By 2030, the business of Australia is already not accumulate additional 175 billion, and as much as $3 trillion.
The new policy of the authorities is also aimed at active legal and investment support CryptoStream.
Despite the fact that at the moment the government has not yet allocated a budget for the implementation of the roadmap, in General, expected to powerful funding for the entire blockchain sector, although specific figures are not called.
Here’s how commented on the new strategy the Minister of industry, science and technology Karen Andrews: «the Most exciting is that the blockchain is able to strengthen export opportunities, helping Australian producers to track their products that are in demand all over the world with our clean, green reputation.»
Five-year plan for Australia involves 12 steps, and DeCenter walked on each. In the list of goals:
To develop a high quality regulatory framework to regulate the blockchain sector. This will be formed a special steering Committee responsible for the implementation of the road map. Over time, the Committee will be able to enter all sorts of authorities. The Committee will not only help with regulation, but also to promote the initiative among entrepreneurs of the country, and also provide support when you create a new blockchain projects.
To form working groups for finding new and analysis of existing applications of the blockchain technology. This item involves close model of cooperation between entrepreneurs, researchers and government.
Thoroughly examine the possibility of integrating the blockchain in agriculture, education and Finance. In case of successful results of the economic analysis, to begin working on projects.
Partly to introduce the technology to the work of the government, collecting feedback and analyzing the results. If successful, increase the number of government blockchain integration.
To analyze the experience of other countries and to establish international cooperation with countries already actively using the blockchain. For example, Estonia, which applies the technology across the whole state, at least could help the Australians a couple of useful tips.
Close cooperation with suppliers blockchain and decentralized application developers. To attract them to participate in the state initiative «Business-research and innovation».
To see that in the political arena the question of integration of the blockchain has always been important and relevant.
To improve the level of crypto-education in the country, helping industrial establishments and educational institutions to develop programmes for the development of blockchain technology.
Together with Austrade, the Australian government Agency for trade, investment and development, to develop development programs for the Australian blockchain-related startups. Australia intends to support the initiatives of businessmen and support them towards global expansion.
Also in conjunction with Austrade to develop a programme to attract investors wishing to invest in developing blockchain ecosystem of the state.
Try to enter into partnerships with other countries to share the blockchain technology and/or develop new DLT projects.
To ensure that all Australian businesses a convenient opportunity to connect to the digital commercial infrastructure, without encountering obstacles from regulators.
Australia plans to implement the blockchain in all sorts of industries, but at this stage most seriously considering three sectors. The first of them is agriculture.
The country is famous for safe, quality and tasty agricultural products. Especially wine exports which last year reached $1.9 billion, But the reputation is spoiled by the abundance of fake goods. So, in 2017, cyber criminals have released to foreign markets thousands of bottles of counterfeit Australian wines in the amount of $303 million, despite the many rigorous and costly audits.
Using the blockchain Australia intends to improve control and ensure high quality testing of products at all stages of the supply chain. And without any extra costs. Moreover, smart contracts will help to automate the calculations between employees and enterprises involved in export trade. The government intends to monitor the quality of the wine, since the grape beds, controlling using the blockchain even level of temperature of production. Also, the technology of distributed registry will eliminate unnecessary procedures (same checks), saving money, time and reducing the level of bureaucracy.
Every year Australia sells abroad 774 million liters of wine. Most buyers are from China. Source.
Fake diplomas, fake recommendations, distorted summary — a big problem. A quarter of Australians lie in summary then, four years ago, local regulators found an employee who for 15 years held senior positions in the public and private sectors through fake diplomas, a certified justice of the peace. To verify the authenticity of a document difficult, time consuming and expensive, and in some cases almost impossible.
Australia plans to store data in a decentralized distributed registry where they are impossible to forge or to remove. Instead of diplomas people have links to personal information that they can share. This will not only reduce the level of fraud, but also reduce transaction costs for employers to check and verify the credentials.
Australian authorities are interested in high competition among financial institutions, but half of all life uses the same Bank. One of the reasons is the complexity of KYC procedures, which must be held again during the transition from one Bank to another.
The blockchain can not only improve the performance of Australian banks by analogy with foreign colleagues, but also to simplify the KYC procedure, motivating people to switch from one Bank to another. Using the blockchain Australia wants to provide an exceptional level of data integrity in the exchange of KYC information between banks. The results of the checks will be sent safely, quickly and with the highest level of confidence that will allow you to avoid having to undergo the procedure in each Bank again. Moreover, it will simplify record keeping and eliminate unnecessary manual operations, which will reduce the time and, again, money. Without the blockchain 80% of the resources aimed at combating terrorism and money laundering, go to the collection and processing of information, and not on risk assessment.
A huge number of countries raise the question of the establishment of a national cryptocurrency, but much less deal with the massive integration of the blockchain in the economy. However, the initiative at the state level still becomes more popular.
- According to the document Centre the fourth industrial revolution UAE using blockchain can save at least $3 billion, to get rid of 398 million printed documents and reduce the number of working hours in 77 million for the year. Now the UAE authorities focus on new features.
- As we wrote above, in this field very active in Estonia. She already uses blockchain technology in medicine, banking, stock trading and notarial sector, and local shops do not hesitate to accept bitcoins. However, the scale of the state with a population of about 1.3 million people is too small to form a new trend at the international level.
- But China is another matter. In late October, the President of China, XI Jinping has ordered to increase investments in blockchain technology and accelerate its development, and the government adopted the law on the regulation and stimulation of development in the field of cryptography. Even in the fall there were more than 500 blockchain projects, including giants such as Alibaba, Tencent, Unionpay.
Australia is a large country with a strong economy and well-functioning international trade. Their initiative, I want to applaud, because the country intends to develop blockchain technology that is at the state level, which means the legalization and support of cryptoprocta, and also eliminates a lot of pressure on them by regulators in the United States.
This is an important step for the whole crypto industry. At the beginning of the new decade Australia together with China will start the path to the dream of crypto-enthusiasts about the introduction of blockchain technology worldwide. Why in the world? Because if the initiative two huge economies are successful, their experience will inevitably begin to adopt other States. Moreover, it will contribute to the close cooperation of Australia and China with other countries. Naturally, this will have a positive impact on the cryptocurrency market: the mere raising of the level of blockchain education will force new players to pay attention to digital assets, thanks to which, in General, and has appeared on blockchain technology.
Frankly, the results expected by Australia, look very optimistic, especially when we are talking about trillions of dollars of additional income after 10 years. But the truth is that if their plan works at least 10-20%, it prostimulirujte other governments to consider similar solutions. What can motivate better than the success of neighbours? Maybe in 10 years we will be actively using the blockchain in everyday life — today we are this step closer.