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The Digital Business Plan of The Australian Government Involves $5M for Blockchain

Scott Morrison who is Prime Minister of Australia has stated that the Federal Government’s most important investment in blockchain to-date, with two pilots, estimated to get nearly $5 million.

This week the Australian government revealed its $574 million Digital Business Plan that involves seven-figure aid for shared ledger technology actions. 

It was published by Prime Minister Scott Morrison before of next week’s Federal Government budget, the project describes $4.95 million in help for “two blockchain pilots directed at reducing business compliance costs.” Morrison stated:

“The plan supports Australia’s economic recovery by removing out-dated regulatory barriers, boosting the capability of small businesses, and backs the uptake of technology across the economy.”

Piper Alderman who is the partner of Michael Bacina said that these two plans are necessary “to help demonstrate and unlock the value of blockchain":

“With blockchain adoption accelerating around the world, this funding is a very welcome boost to the Australian blockchain industry and our local expertise.”

$480 million has been allocated for different technological initiatives as part of the idea that could divide shared ledger technologies, involving $183 million towards a unique digital identity scheme, and $301 million for improving a single business register — enabling companies instantly view, update and manage their firm registry data in one place.

Chloe White who is the National Blockchain Lead from the Department of Industry, Science, Energy, and Resources named the straightforward funding “a huge win for Australian blockchain today” continuing that “is the biggest investment the Government has made in the sector.” 

White has been operating closely with business leaders over the last eight months to achieve Australia’s National Blockchain Roadmap and published two blockchain running groups for quantity chain and educational credentialing. White said: 

“These pilots will complement the National Blockchain Roadmap, which is driving working groups on RegTech, supply chains, cybersecurity, and credentialing.” 

During 2020, the government has given more care to shared ledger technology (DLT) and blockchain application. The Select Committee on Financial Technology (FinTech) and Regulatory Technology (RegTech) issued an interim release with over 50 blockchain citations in September. Obedience to the committee stated that blockchain's potential is “estimated at $175 billion annually within five years and $3 trillion by 2030”.

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