The Australian Government has engaged with industry and researchers to develop the National Blockchain Roadmap to highlight blockchain’s potential and some of the opportunities that exist.
Blockchain technology is predicted to generate an annual business value of over US$175 billion by 2025 and in excess of US$3 trillion by 2030.
The Australian Government has also provided support and funding for government, private sector and researchers, to foster innovation and collaboration around blockchain, through programs such as Austrade business missions to international markets; the Entrepreneur’s Programme; Australian Research Council Grants; and Business Research and Innovation Initiative pilots.
The Government’s investments have been improving blockchain technology, developing international standards for blockchain and helping businesses to bring blockchain products to market. Many of these investments are described in case studies throughout this Roadmap.
Australia’s ability to capitalise on our current standing and to realise the potential of blockchain— both domestically and internationally—relies on ensuring key fundamentals are in place:
- effective, efficient and appropriate regulation and standards
- the skills and capabilities that can drive innovation
- strong international investment and collaboration.
Getting these basics right for Australia’s maturing blockchain industry will ensure Australia is well positioned to take advantage of the valuable business opportunities and the jobs and growth this technology can enable.