Opportunities open up through blockchain
Blockchain technology opens up new opportunities for improving processes and achieving efficiencies across the economy.
The technology can be applied to a broad range of sectors to improve transparency and data-sharing in a trusted environment. Some of these applications are showcased in the roadmap, such as:
- agricultural supply chains in the wine sector
- trusted credentials in the university sector
- transferable know your customer checks in the finance sector
Other sectors that can take advantage of blockchain include:
Australia’s National Blockchain Roadmap builds on existing government investments in blockchain, including support for advancing international standards for blockchain technology.
A result of collaboration between government, industry and researchers, the roadmap proposes signposts for progressing towards a blockchain-empowered future.
Further development of blockchain technology can benefit Australian businesses, through for example:
- inventory tracking
- facilitating automated payments between supply chain members
- reducing counterfeiting by verifying the origin of a product
- opening new business and export opportunities
The focus areas to ensure Australia benefits from blockchain technology are:
- regulation and standards
- skills and capabilities
- international investment and collaboration
Read the National Blockchain Roadmap
- The Minister released the roadmap on 7 February 2020
- Read about blockchain and emerging technologies in Australia’s Tech Future