Australia has sat at the epicentre of blockchain transformation for a while now, with immense forecasted value – over $3 trillion – over the next few years.
Uses of not only blockchain but also artificial intelligence and automation are transforming Australian industries. Blockchain forms a shared repository of information, which enables trust where it isn’t otherwise, and provides security across the board.
Here’s how blockchain will be providing value to Australia by 2025.
What does the current blockchain market look like in Australia?
Across Australia, the blockchain market is still very new. Blockchain policies have been gradually implemented across Australia, as well as with the creation of Standards Australia’s Blockchain Standards Initiative.
Australia is in a place to lead the blockchain market. It has been a major player in helping to form a set of standards and encourage blockchain innovation across Australia. There are also a multitude of technology companies across Australia that are either implementing or creating a blockchain in business solution.
Here’s how we can get to future value
According to a Australian Senate Committee report, blockchain will create $175 billion in global business value by 2025 and more than $3 trillion of value by 2030. Australia has been placed ‘at the vanguard of DLT.’ So, how exactly do we ensure we reach this level of future value?
The value of blockchain will span across a myriad of industries. Among these, according to the report, are financial and insurance industries, professional, scientific, and technical services, as well as retail, healthcare and social assistance, agriculture, and real estate services.
Blockchain technology requires collaboration within businesses and with vendors. So, to reach an optimal level of value, businesses will need to foster external relationships, implement policies and recognise digital transformation as a necessity to the business.
Companies globally are implementing blockchain technology for practical use, and creating solutions that will transform the way we do business. Australia is at the epicentre. You can find out more about what Blockhead’s blockchain-backed solution STAMP here or contact us here for more information or a demo.