CSIRO to explore blockchain's potential

CSIRO’s data innovation group Data61 will work with the Treasury department and other government agencies to study the potential implications of blockchain technology adoption for government and industry.

Blockchain is the technology that underpins the Bitcoin digital currency ecosystem. It uses powerful algorithms to allow multiple, independent parties to share digital information or transact with one another, while still having confidence in the integrity of the shared content.

Experts believe there is a distinct possibility that the technology will be deployed across the financial services and other sectors.

Data61 and government agencies will conduct a detailed study of blockchain technology over the next nine months. The study will focus on the potential benefits or productivity gains for the Australian economy and the skills Australia might require to become a global blockchain leader.

Stefan Hajkowicz from Data61’s Foresighting Team said the group will evaluate a number of proof-of-concept projects in conjunction with industry experts and across government.

“There are currently a few potential areas where we could explore opportunities — such as sharable registry information, verifiable supply chains and assessment of aggregate risk exposure in the financial services sector,” he said.

“In fact, there are also potential applications for this technology that extend well beyond the financial industry, and we are excited to explore, develop and apply the technology in both financial and non-financial industry, in consultation with industry and government.”

He said blockchain is an example of a technology that has the potential to disrupt the way transactions are carried out in virtually every sector, including government.

Image courtesy of BTC Keychain under CC