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Opportunities open up through blockchain

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News

7 February 2020

Blockchain technology opens up new opportunities for improving processes and achieving efficiencies across the economy.

The technology can be applied to a broad range of sectors to improve transparency and data-sharing in a trusted environment. Some of these applications are showcased in the roadmap, such as:

  • agricultural supply chains in the wine sector
  • trusted credentials in the university sector
  • transferable know your customer checks in the finance sector
    Other sectors that can take advantage of blockchain include:
  • trade
  • health
  • energy
  • water
  • resources

Australia’s National Blockchain Roadmap builds on existing government investments in blockchain, including support for advancing international standards for blockchain technology.

A result of collaboration between government, industry and researchers, the roadmap proposes signposts for progressing towards a blockchain-empowered future.

Further development of blockchain technology can benefit Australian businesses, through for example:

  • inventory tracking
  • facilitating automated payments between supply chain members
  • reducing counterfeiting by verifying the origin of a product
  • opening new business and export opportunities

The focus areas to ensure Australia benefits from blockchain technology are:

  • regulation and standards
  • skills and capabilities
  • international investment and collaboration

Read the National Blockchain Roadmap

Read more

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