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Australian Government To Continue To Support Blockchain

11:03 19/03/2019
Australian Authorities Create Blockchain Development Roadmap

The Australian government announced a national strategy and a roadmap of the blockchain technology development and allocated the additional 100,000 Australian dollars ($71,200) from the state budget for these purposes, according to a press release.

 

The leaders of the country's industrial department and the department for the development of trade and tourism stated that the roadmap is being created with the aim of making Australia one of the leading world powers that widely use distributed ledger technology. The plan provides for the development of innovations, as well as investment for competitiveness in the international arena.

 

In the budget for 2018–2019, the government initially allocated 700,000 Australian dollars ($500,000) to the Digital Transformation Agency. The funds were envisaged to study the benefits of blockchain technology in the implementation of government payments. Moreover, Standards Australia received 350,000 Australian dollars ($250,000) for participation in the creation of unified international blockchain standards.

 

An additional amount from the budget will be used to support Australian companies that will participate in the Consensus conference in New York in 2019.

 

Throughout 2018, various initiatives were taken in the country to implement distributed ledger, both in government and in finance.

 

As previously reported, the Australian Transaction Reports and Analysis Centre (AUSTRAC) began testing a prototype of a blockchain platform for automating international funds transfer instructions (IFTI).

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