Blockchain technology to pump up Sydney economy by 80%

Monday 1 May 2020, 1:08 PM AEST - 3 weeks ago

Blockchain technology to pump up Sydney economy by 80% Blockchain technology to pump up Sydney economy by 80% 19

According to a new data published by Digital Realty nascent technological innovations such as blockchain technology, artificial intelligence (AI), 5G and Internet of Things (IoT) are set to transform Sydneys economy and inject close to AUD 30.8 billion in the next ten years, an increase of 80 percent since 2019.

For a lot of countries, blockchain technology is doing what the internet did to our everyday lives. From lesser-known countries like Malta and Hong Kong strengthening their economic gains by embracing blockchain to world leaders like turning to blockchain to reinstate their position as the reigning champion in technological innovations, the technology has undoubtedly started to it deserved.

Sydney not only leads nascent technology adoption in Australia but is also Asia Pacifics leading hub for banking, IT, and education industry. It also houses close to 65 percent of the nations financial services and accounting activities.

Blockchain technology among top 4 technologies to transform Sydney

Thus, it is no surprise that technological innovations are likely to be the key contributors to its rapid economic growth. Besides, with the world economy, unexpectedly yet rapidly, shifted to online working routine, emphasis on emerging technologies couldnt get bigger.

The Digital Realty report studies that transformative technologies like AI, 5G, and IoT, together with , are driving the innovation at an accelerated pace and have already contributed around $6 billion to the Sydney economy so far. Out of that, over 50 percent of the gains were attributed to IoT.

If the trend continues, the four digital technologies will add about $16.2 billion to the Sydney economy in the next four years, which will translate to a cumulative growth of 140 percent. In total, the f ...

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