Australian Companies Invest Heavily in Blockchain During COVID Pandemic

New Australian corporate investment data reveals that Australian companies are investing heavily in emerging technologies such as blockchain in order to re-evaluate strategic priorities in a post-COVID economy.

A new research report published in collaboration between KPMG International and HFS Research surveyed 900 tech executives and C-level personnel from major Australian companies, revealing that Australia’s largest corporate entities are tightly focused on integrating blockchain technology and other emerging tech solutions as they reconsider the economic impact of the COVID pandemic.

Data published within the report indicates that 59 percent of Australian tech executives are actively accelerating digital transformation initiatives that integrate blockchain technology and other future-proof solutions as a direct result of the ongoing economic fallout.

Aussie Businesses Pin Hopes on Blockchain for Economic Recovery

COVID has had a significant impact on Australian businesses both large and small. While Australia’s economic recovery from the initial outbreak is underway, the aftermath of severe business restrictions and lockdowns include rapidly rising unemployment, massive government debt, and the permanent closure of thousands of domestic businesses.

Blockchain technology is seen by many Australian businesses as a potential means to accelerate economic recovery. The unique use cases of blockchain — such as the ability to store verifiably accurate data — have been recognized by major organizations such as the new APAC Provenance Council pin their hopes on blockchain-led revival in exports, for example. 

In statements released to Australian IT news media, KPMG Digital Delta Partner Jon Stone highlighted the importance of cost reduction as an important motivator of new technology adoption in the Australian economy:

“Australian respondents are driven to emerging technology because it is seen as essential to business survival — they are driven by a desire to improve decision making and customer experience. Cost reduction was a secondary driver for investment for the Australian respondents”

Australian businesses aren’t the only investors pinning their hopes on a blockchain-boosted economy — recent data published by RMIT reveals Aussie crypto trading peaked during the tightest Australian lockdown periods.

While the COVID pandemic has not affected all Australian equally, many companies are choosing to manage the financial fallout by transitioning into new digital business models that leverage the fast-moving nature of the new blockchain and cryptocurrency-powered digital economy.