National blockchain roadmap released

The National Blockchain Roadmap is an important step towards improving the nation’s productivity, according to Minister for Industry, Science and Technology Karen Andrews who released the roadmap today.

“The Morrison Government has worked collaboratively with industry and researchers on this roadmap, which outlines what we can do together over the next five years to deliver benefits for our nation from blockchain technologies,” Andrews said.

“The National Blockchain Roadmap, sets a number of signposts for the future, highlighting initiatives that include the development of common frameworks for blockchain education, working with Austrade on a capability development program for start-ups and pilot projects with other countries.

“Blockchain technology offers great potential to save money, initiate new business and export opportunities, boost economic growth and create new jobs. Governments and private industries all stand to benefit from embracing this technology.”

The roadmap showcases blockchain opportunities outside the financial sector and explores the wide benefits that can be harnessed through blockchain. Some of the benefits include tracking a product along the supply chain, checking credentials and transferring customer information.

According to PWC, while financial services are seen as the most advanced industry in developing blockchain (46 per cent) compared with industrial products and manufacturing (12 per cent), these figures represent a shift away from the financial services sector as the near-exclusive user of blockchain technology in 2017 (82 per cent) and a growing engagement with blockchain’s potential across a broader range of industries.

The global research and advisory firm Gartner predicts that by 2023, blockchain will support the global movement and tracking of $3 trillion worth of goods and services annually.

Australia can contribute to an estimated global annual business value of over $260 billion by 2025 generated by blockchain, according to Andrews.