Following recent political developments, countries scramble to put together a blockchain strategy. In the case of Australia, a very lengthy and detailed report has been made public recently.
No region wants to be left behind in the blockchain space.
Australia has High Hopes for Blockchain
Despite ignoring this technology for many years, it has suddenly become of great interest to governments globally.
China, for example, has made its intentions very clear in recent months.
It now seems that Australia is doing the exact same.
The local government recently published a blockchain strategy report spanning over 50 pages.
Most of the focus lies with finance and insurance services, which currently represent 40% of the domestic blockchain industry.
Moving forward, the goal needs to be to foster other use cases for distributed ledgers.
There are hundreds if not thousands of opportunities waiting to be explored.
Several companies are already emerging as potential contenders to lead the charge in this regard.
That being said, it is evident that blockchain is in its infancy in Australia.
This applies to virtually all other countries expressing an interest in this technology.
No country has any real regulatory measures for distributed ledgers either.
Until those guidelines are in place, this industry cannot thrive nor evolve.
The Australian government acknowledges there is potential, yet it remains to be seen if any ventures are successful.