CISRO, Australia’s chief scientific research organization, has published two early and extensive research reports on blockchain technology. The federal research institution’s chief executive has further stated that Australia cannot “afford” to follow others in the adoption of the decentralized technology.
The Commonwealth Scientific and Industrial Research Organization (CISRO) has published twin reports of its comprehensive review of blockchain technology and possible cases of adoption in government and industry. Specifically, CISRO’s data innovation arm, Data61, spent a year collaborating with industries and the government to publish twin reports on the societal, regulatory and technical implications of blockchain-based solutions.
The first report explores four plausible adoption scenarios of blockchain technologies in Australia by the year 2030. The second report delves into three use cases to explore how blockchain systems can support entirely new markets and business models, such as agricultural supply chains, remittance payments and government registries. Both reports can be found here.
Notably, CISRO chief executive Adrian Turner wrote in an accompanying comment:
The pace of change we are experiencing as a nation is exponential and we can’t afford to be followers in the adoption of [an] emerging technology like Blockchain. It has potential to reframe existing industries like financial services and seed new ones like food provenance and personalized health.
Visibly, the Australian government is among the leading global authorities to make a marked investment and foray into decentralized innovations like bitcoin and blockchain technology. In late 2016, Australia lowered the regulatory hurdles for new FInTech startups while launching a sandbox to support and facilitate new products and services. Earlier this year, Australia’s national standards authority unveiled its roadmap for introducing global blockchain standards, after being tasked to do so by the ISO last year.
Although committing to put an end to the double taxation of bitcoin transactions in 2016, bitcoin and digital currencies finally gained that tax cut in Australia’s 2017 federal budget. Last month, the government of the state of Victoria became a member of the Australian Digital Currency and Commerce Association (ADCCA), an advocacy body for bitcoin and blockchain technology.
Australia’s multi-billion-dollar mining industry has also been urged to adopt blockchain technology
The country’s treasurer, Scott Morrison, claimed the reports would help the government with its own roadmap toward blockchain adoption.
It will give decision makers in business and government guidance on matters they need to consider in developing a system that uses blockchain technology…We should all be interested in blockchain developments and its potential application, right across our economy.
Earlier in March, the Australian Securities and Investment Commission (ASIC), the country’s financial services regulator, released an information broadsheet with six questions posed toward blockchain adopters.
- How will the DLT be used?
- What DLT platform is being used?
- How is the DLT using data?
- How is the DLT run?
- How does the DLT work under the law?
- How does the DLT affect others?
One of the most notable efforts of a blockchain-based solution taking shape is at Australia’s largest securities exchange, the ASX. The securities exchange operator is currently running a blockchain post-trade solution alongside its decades-old clearing and settlement system.
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