Australian Government Continues Recruitment For Blockchain Integration

The Australian Government has decided to continue its strong approach to the adoption of blockchain technology, establishing two more working groups to further the national effort.

These teams will provide valuable analysis on the adoption rate of blockchain technology in Australia – taking an especially close look at the way Blockchain technology has affected supply chains and certificates of authenticity.

The two new working groups will work toward the integration of blockchain technology into two critical fields: supply chain and credential management.

When it comes to keeping track of all orders requested and delivered, Blockchain enables suppliers to keep a permanent, unchangeable record. In turn, this allows for a more accurate forecasting of demand. Additionally, balancing accounts also becomes more efficient and fraud-proof.

World-renowned quality attracts worldwide customers. Once reassured by a certificate that a certain product is genuine and has not been tampered with by third parties, customers are willing to pay more, due to increased trust in the producer. Ergo, using Blockchain to ensure the validity of credentials could lead to a wider profit margin for Australian industries.

Identifying And Removing Obstacles

Aside from exploring the use cases adopted so far and the economic opportunity that they present, the two new working groups will also focus on identifying obstacles to the widespread adoption of blockchain technology – whether their nature is technical, legal or simply suboptimal.

The Government Steering Committee selected members in the wake of an Expression of Interest consultation process.

 A panel of government representatives will observe the groups in order to aid the discussions between the teams and various regulatory bodies and technical consultants. The two groups will have an initial discovery report to present to the Steering Committee within the first quarter of 2021.

In addition to these two working groups, two more will be formed in September this year. Their areas of research will be cybersecurity and Regulatory Technology.

With two new teams, two in the wings and doubtless more to come, Australia is on track to becoming one of the first countries to benefit from the widespread adoption of Blockchain.