Australia has been an unexpected home to the progression of the blockchain industry, especially with the National Blockchain Roadmap. According to the Department of Industry, Science, Energy and Resources, Australia could contribute to an estimated blockchain-generated global annual business value of over US$175 billion by 2025.
So, what role does Australia play in the creation of this value?
The current blockchain situation in Australia
Australia boasts a myriad of companies that have implemented blockchain technology, many of them ASX-listed. With a projected annual business value of US$3 trillion by 2030, Australia’s role in this industry growth will be massively important.
The Australian technology network fundamentally relies on the myriad of innovative businesses that push for innovation and transformation. This is why the Australian Blockchain Roadmap is so important. It provides the necessary support for national Australian businesses moving towards blockchain.
Moving towards Blockchain 2025
Progressing towards what the Australian government labels ‘a blockchain-powered future’ will take time. Australia’s success in driving blockchain will require companies to capitalise on the newness and flexibility of blockchain technology. Instead of blindly rushing into a blockchain project, however, companies should consider the best approach for them.
This could mean:
- Hiring a dedicated team to work on a bespoke platform for your company
- Implementing an external platform that uses blockchain and can be tailored to your needs and integrated into your software (such as STAMP)
- Using an out-of-the-box blockchain-backed platform
The right solution is individual to the company and hinges largely on its size and scalability. Smaller companies might find the best success in using an external platform or out-of-the-box solution. Larger businesses may have more complex processes and require a larger in-house team. There’s also the potential of a combination of both.
Blockchain standards – a key part of the industry
Australia has led the global market in creating and implementing blockchain standards. The Australian government recently provided Standards Australia with $350,000 to lead the development of international blockchain standards through the International Organization for Standardization (ISO). You can find the 2017 Roadmap for International Blockchain Standards here.
The Standards ensure widespread implementation by providing security, assurance and a sense of legality to the blockchain industry. While some aspects of unregulated blockchain may have his risks – especially in the cryptocurrency sector – having a set of Blockchain Standards ensure that companies can implement a safe and innovative form of blockchain technology.
The success of blockchain will not be isolated. Instead, it will require the integration and adoption of a variety of innovative technologies, such as artificial intelligence, automation, machine learning, IoT and other smart tech.
Australia will lead the way in the implementation of blockchain, AI and other smart tech in global businesses. Blockhead Technologies is an Australian-Canadian company creating blockchain agnostic solutions that are especially suited to the mining sector. You can find out more about our blockchain-backed platform STAMP here or contact us here or at [email protected] for more information or a demo.