The Australian government has just released the National Blockchain Roadmap, a detailed 52-page document that goes in-depth about the 12 main steps that the government will take over the course of the next five years, to make sure that Australians are using blockchain to the fullest and exploring all the possibilities. Australia aims for a blockchain powered future and The Department of Industry will be focusing on blockchain adoption over the next few years.
This technology is already quite popular in the country and cryptocurrencies have been embraced by a lot of companies.
Australia’s commitment to blockchain
Australia is one of the few countries creating favorable regulations for blockchain technology to thrive and develop and this roadmap serves as a testament to Australia’s commitment to making cryptocurrencies a part of their everyday lives and embracing all the advantages and conveniences that come with using blockchain on a macro level. In most cases, countries shy away from making these changes as to not allow too many unregulated transactions.
Australian government sees this technology as a way to create more jobs, cut down on management costs and promote a more contemporary approach to transactions. The main areas that this roadmap focuses on are Regulations and standards, skills, capabilities and innovation along with international investment and collaboration.
They have already begun their work on regulations and have cut down the amount of taxes that crypto users have to pay as taxes. When it comes to skills and capabilities, this plan also entails promoting the existing programs by the government, which aim to raise awareness about the topic and help young professionals to develop and grow their blockchain-based projects. There are many opportunities for those wanting to work on the distributed ledger but the awareness levels need to be higher and the 12 step plan will tackle this issue as well
Making most of the unexplored potential
The blockchain technology has a huge unexplored potential where it comes to supply chains and exporters. The blockchain has the technology to make the transitions more transparent and give legitimacy and trust to these companies. There are also a lot of uses for this technology in the entertainment industry, which is actually quite popular in Australia.
There is already a couple of bitcoin online Australian casinos, along with regular online and brick and mortar casinos that accept crypto payments. If the new blockchain road map is used in the right way many people on the green continent will be able to play casino games on sources accepting bitcoin as one of the payment methods and make it mainstream. You will also encounter a lot of games that are specifically for players who pay with bitcoin and this has also done a great job of promoting this industry and making it seem less intimidating.
The roadmap will become a great medium for blockchain experts and government officials to collaborate on pressing issues and work together to create optimal regulations and make the transition from traditional platforms to blockchain easier and smoother.
The roadmap highlights all the key points that Australia hopes to hit before 2025, in regard to blockchain and its potential.
While there are a lot of counties sharing Australia’s passion for blockchain technology and innovation, there are few that are being this productive about it. Australia hopes to become a world leader in this field by 2030 and grow the industry and profit from it as much as possible. A very important part of this roadmap is education and increasing awareness about this technology and encouraging young people to get involved with it from the beginning. There is a lot of potential for growth in this field, including job opportunities that need to be explored further and Australia is more than happy to become a pioneer in this direction, especially considering that this industry will be bringing roughly $175 billion by the time this roadmap stops being relevant.