Australia Launches Its National Blockchain Strategy After A Year Of Preparation
Australia Launches Its National Blockchain Strategy After A Year Of Preparation
February 7, 2020
Australia Launches Its National Blockchain Strategy After A Year Of Preparation
Australia Launches Its National Blockchain Strategy After A Year Of Preparation
February 7, 2020

The Australian government launches its national blockchain strategy today after a nearly year-long preparation.

It has been almost a year since the country’s Ministry for Industry, Science and Technology and Ministry for Trade, Tourism and Investment announced the national blockchain strategy and roadmap in March 2019.

However, the new policy roadmap aims to make Australia’s nascent blockchain industry into a global leader, making the country’s wine industry, banking and finance the key priority sectors.

It has been reported by The Sydney Morning Herald that outlining the program’s development, Karen Andrews, the Minister for Industry, Science and Technology, said that the five-year blockchain roadmap will underpin the work of regulators, startups, and researchers on the matter. She also mentioned that the sector is set to be worth AU$259.4 billion ($175 billion).

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Andrews pointed out blockchain’s purported capability to strengthen export opportunities, enabling domestic manufacturers to trace their goods, particularly when it comes to wine exports and wine labeling.

Additionally, blockchain is expected to ensure wine’s provenance and cut part of expenditures.

Local wine is one of the most successful export products in Australia, with over 2,000 exporters shipping it to 123 destinations around the globe. In 2019, the country’s wine export volume reportedly grew by 3% to AU$2.91 billion ($1.9 billion), although volume declined by 12% to 744 million liters.

However, the government has ostensibly not yet allocated any funds to blockchain roadmap implementation.

As it has been reported last March, previous blockchain investments from Australia’s liberal national government, under Prime Minister Scott Morrison, allocated AU$700,000 (~$500,000) to the country’s Digital Transformation Agency in 2018-19 explore the benefits of using blockchain for government payments, as well as AU$350,000 (~$250,000) to Standards Australia to promote the development of standardized international blockchain standards.

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Thus, the Centre for the Fourth Industrial Revolution UAE, a multi-stakeholder operation focused on science and technology, the Dubai Future Foundation and the World Economic Forum jointly released a paper in January by saying that the deployment of blockchain technology can save the UAE more than $3 billion.

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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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