Australian government announces national blockchain strategy and roadmap plus further funding for research and trade missions.

The Australian government has announced the creation of a national blockchain strategy and roadmap plus additional funding.

Announced in a joint release from Karen Andrews, the Minister for Industry, Science and Technology, and Simon Birmingham, the Minister for Trade, Tourism and Investment, earlier today (18^th March), it signals a pivotal moment in the Australian blockchain sector.

The stated plan is to turn Australia into a global leader in blockchain technology, by developing “regulation, skills and capacity building, innovation, investment, and international competitiveness and collaboration.”

AU$100,000 has been promised for blockchain development, and an additional AU$100,000 will allow the Ministry for Industry, Science and Technology to help Australian companies join the Australian Trade and Investment Commission’s (Austrade) mission to the Consensus blockchain conference, New York City, from 13^th to 15^th May 2019.

Commenting on the news, Birmingham said:

“It is vital Australia and our tech companies stay ahead of the game in one of the world’s fastest growing technology sectors,”

“Austrade’s upcoming mission will connect Australian blockchain companies and start-ups with investors and customers with a view to expanding their businesses globally.

“Consensus is the leading event for blockchain globally and will present significant opportunities for Australian tech companies to showcase their products on the world-stage.”

The event is expected to attract thousands of delegates from the industry, and some of the notable speakers slated for the schedule are Tim Byun: CEO of OKCoin, Jake Chervinsky: Securities Litigation Lawyer, Kosala Hemachandra: Founder and CEO of MyEtherWallet (MEW), Vinny Lingham: CEO and Co-Founder of Civic, Caitlin Long: Co-Founder of the Wyoming Blockchain Coalition, Dan Morehead: CEO of Pantera Capital, and Dawn Song: CEO of Oasis Labs.

Prime Minister Scott Morrison’s liberal national government is said to have previously invested AU$700,000 (approx. $500,000) for blockchain research in 2018-19, through the Digital Transformation Agency, plus another AU$350,000 (approx. $250,000), for the development of international blockchain standards through Standards Australia.

The Australian state run CSIRO (Commonwealth Scientific and Industrial Research Organisation) Data61 digital innovation centre has taken the lead on several blockchain projects aimed at helping Aussie industries benefit from blockchain tech. And, back in July 2018, the government awarded a 5-year AU$1 billion (approx. $740m) contract to IBM to use blockchain and other technologies to increase data security and automation across the federal government.

AYO.NEWS says:

Its great to see the Australian government taking blockchain innovation seriously, investing funds into research and helping local companies get in on the action at major international events. Though, it has to be said, the funds announced are relatively paltry considering the potential returns of becoming a genuine sector leader.