Table of Contents
Australia’s technological sector underwent a major expansion in recent years to become one of the major industries contributing to the economy of the country. Tech companies there use a wide array of technologies, including blockchain. In other words, blockchain was partly responsible for the huge popularity of the tech market.
Blockchain technology is based on a decentralized ledger. It’s a system that records information in such a way that one cannot change it, hack it, or cheat the system in any way. Cryptocurrency, such as bitcoin, is perhaps the most popular use of blockchain, but it’s used in other non-finance spheres as well.
Development of Blockchain in Australia
The Australian government has a clear strategy for developing blockchain technologies in the country. It even launched the so-called National Blockchain Roadmap, which lays out the plans for the future development of the popular technology. The roadmap can be accessed by anyone. It clearly defines how blockchain is supposed to develop in the following ways:
- Regulation and standards
- Skills, capability, and innovation
- International investment and collaboration
- Sectoral opportunities
Australia is one of the few countries to have provided such an extensive roadmap for blockchain development, mainly thanks to the huge technological industry boom that has been happening in the country.
Blockchain’s Contribution to Cryptocurrency Adoption
Blockchain and cryptocurrencies go hand-in-hand, and the popularity of one is connected to the popularity of others. Several great companies in Australia were founded and labeled as blockchain companies, including DigitalX, Power Ledger, Cubix, and more. Moreover, some of the existing companies switched to blockchain to improve how they do business. One great example is BHP, the Fortune 500 mining conglomerate and the third biggest company in Australia, which was the first to make a blockchain-powered iron ore trade with China’s Baosteel.
Thanks to the adoption of blockchain, Australian residents reported an increase in cryptocurrency use, meaning the number of crypto owners increased significantly. Bitcoin is the most popular coin at the moment, but you’ll find that Aussies also support other popular crypto projects, such as Ethereum, Bitcoin Cash, Litecoin, and many others.
Blockchain Increases Demand for Technological Services
Blockchain can help a business in many aspects, including improving security, communications, data tracking and accounting, and digital transformations.
Security of Business
For any business, keeping its confidential information safe is a priority. Blockchain has stepped up this game, as every transaction on it is protected by cryptography encryption. Apart from security, this also improves overall transparency.
Blockchain also helps businesses communicate seamlessly on the web. Thanks to the distributed ledger, which doesn’t require a central authority, businesses can now communicate on a peer-to-peer basis. In other words, communication occurs in a strictly encrypted environment with no other party other than the two communicators included in the communication channel.
The content sent via blockchain can be traced in real time, which helps businesses organise their workflow more efficiently. Since the content on the chain is always accurate and available to anyone with access, businesses can effectively coordinate their logistics info, supply chain info, and more.
Digital Transformation of Business Operations
Blockchain already affects and disrupts the way businesses operate. A great example is the concept of smart contracts, which are executed by themselves once both parties meet the contract requirements. This has been a game-changer in how businesses operate, as they eliminate the need for intermediaries such as lawyers.
Blockchain Provides Innovations and New Opportunities for Other Industries
The power of blockchain goes beyond the finance sector, and Australians are quite aware of that. That’s why many companies from other spheres have either adopted blockchain or are considering adopting it.
Perhaps the most important example is the government itself, with its Australian Public Sector (APS) Blockchain Network. It is a community open to blockchain enthusiasts that aims to connect members associated with the Australian public services, encouraging discussion and building skills.
Moreover, the healthcare sector in Australia also experiments with blockchain, as the Australian Department of Health already uses the technology for medical research records. This was made possible thanks to Agile Digital, a blockchain startup that joined forces with Vault Systems.
The banking sector also joined the blockchain craze. The Commonwealth Bank (CBA) recently made an announcement that it will become the first bank in Australia to allow its customers to trade cryptocurrencies.
Future of Blockchain in Australia
Blockchain has become an integral part of the Australian economy, as many government initiatives, as well as private businesses, started relying on the power of this technology. They realised that blockchain could help with improving the overall security, communications, traceability, and more.
Moreover, it has the power to transform entire businesses and even entire sectors, such as healthcare or banking. Therefore, it’s safe to say that the technology is here to stay, and we can expect its further development in the future.