Australian Government Sets Aside $500,000 USD for exploring all possibilities of Blockchain application in Governance
May 09, 2018 Posted / 92 Views
In Australia, the federal government has allocated AUD $700,000 about $520,000 USD to be used in carrying out a study aiming to establish all possibilities of blockchain application in the operation of the country’s Government. The funds will be used from the existing resources of the Digital Transformation Agency in the coming four years.
The budget described that the government would provide $700,000 AUD to the Digital Transformation Agency to be used in investigating the different application blockchain can be adopted for in the federal governance. This special funds came following a recommendation made last year by the chief executive of the Commonwealth Scientific and industrial research Organization (CSIRO)
CSIRO is the federal research organization of Australia headed by Mr. Adrian Turner as Chief Executive. Mr. Adrian said he believes that the country should not just be merely following other countries in blockchain research and incorporation of the blockchain technology.
The Australian gained an earlier interest in blockchain and decentralization technologies. In early 2015 government established a dedicated agency to engage government agencies during its intended digital transformation. The Digital Transformation Agency acknowledges that its role has exponentially expanded since its founding in 2015.
At the moment Australia has one of the fastest growing Fintech sectors thank the country's government positive response to advancing blockchain technology. Very many research papers are being published on blockchain and cryptocurrencies across the country. One such research was carried out by the Melbourne based RMIT University.
A couple of other significant blockchain projects also are already changing people’s lives in the country. Some of the most notable projects include Power Ledger, a blockchain powered solar energy project which won a hefty grand of AUD $8 million from the Australian government to be used in implementing the project.
The growth possibilities of the Australian Fintech sector os unlimited, thanks to the positive government policies on blockchain and related technologies. Blockchain provides a rich avenue for research and application to almost all sectors of the economy. The two blockchain principal applications adopted by the Australian Government is Business and Governance.
The use of blockchain removes the need for a third party entity in business sealings thus reducing the overall cost of conducting business and improving efficiency. With blockchain incorporated business, information sharing is enhanced giving the involved entities real-time information on the business proceedings.
The application of blockchain technology in governance enables the establishment of a secure platform where government registries are recorded and shared among all government bodies. This will improve the accuracy of government data recorded and improve service delivery to the citizens.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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