CSIRO, ACS launch blockchain report

A new report focused on the future of blockchain technology has just been launched.

Titled ‘Blockchain 2030: A look at the future’, the report was produced by CSIRO’s Data61 in collaboration with the Australian Computer Society.

According to Minister for Industry, Science and Technology Karen Andrews, blockchain presents an enormous opportunity to create jobs and support the growth of Australian businesses.

“Australia’s blockchain sector is expanding rapidly, and the development of a national blockchain roadmap, announced recently, will help Australia seize these opportunities,” she said.

“Blockchain is growing globally, with a 50% increase in the number of investments in blockchain-related start-ups from 2016–17.

“As part of this global ecosystem, we have a uniquely active start-up and technology community that drives innovation in the blockchain sector.

“The percentage of blockchain-related Australian start-ups has risen to 8.1%, up from 3.4% in 2016, and there are now 14 job openings for every blockchain developer.”

Blockchain 2030 follows two earlier reports developed by Data61 for the government, detailing how blockchain technology could be adopted across government and industry in Australia. Findings from all the reports will contribute towards the national blockchain strategy.

According to the government, Australia is home to a number of leading blockchain initiatives, including industry-specific trials for solutions in energy, agriculture and the public sector.

This includes the Australian National Blockchain (ANB), a platform in development by CSIRO’s Data61, law firm Herbert Smith Freehills, IBM and King & Wood Mallesons, representing a significant new piece of infrastructure in Australia’s digital economy. It enables companies nationwide to join the network to use digitised contracts, exchange data and confirm the authenticity and status of legal contracts.

Previous investment by the federal government in blockchain technology includes $700,000 to the Digital Transformation Agency to investigate the benefits of using blockchain for government payments, $350,000 to Standards Australia to lead the development of international blockchain standards through the International Organization for Standardization and $100,000 to send start-ups to New York’s premiere blockchain event Consensus.

ANB will be the first large-scale, publicly available blockchain solution available to businesses of all kinds across Australia, and designed for Australian legal compliance.

Blockchain is a distributed ledger technology that records and verifies transactions within a computer network with potential applications for business and governments. It can assure and secure transactions, demonstrating usefulness across Australian industries including finance, legal, agriculture and supply chains.

Image credit: ©stock.adobe.com/au/VIGE.co

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