Spurred on Gartner’s prediction that Blockchain will generate a global value of a staggering $175 Billion in the next five years and will top a phenomenal $3 Trillion by 2020, the Australian government had reviewed their roadmap for Blockchain technology.
Bringing the roadmap bang up to date, its 52 pages focus on regulations, skills & innovation and importantly, international investment and collaboration with the Minister for Science and Technology hoping that Blockchain can strengthen export opportunities by exploiting track and trace systems for their global supply chains.
Dragon co-founder, Paul Moynan comments:
"as digital currencies such as Dragon Coin, begin to see mass adoption, I predict that we will see distributed ledger technology be used more and more in supply chains. It is an important step which countries need to take, to tap into the potential value generated from Blockchain-based activities. As Australia's largest trading partner is China, it is only natural the government brought out its own road map, which will be echoed across the rest of Asia and beyond."
Developed in collaboration with Blockchain industry experts, academics and government departments, the new roadmap enhances Australia's original one, which leaned heavy on governance and security. The new plan hopes to maximise cost savings across several industries while maintaining stringent KYC procedures; for example, the government are exploring how this can be applied in education to provide authentication and trusted information on individuals.
2020 will undoubtedly become the year that Blockchain sees widespread acceptance with many countries hoping to emulate China’s bullish stance towards the technology - for more on this and other industry news just head over to the Dragon Blog now.