Why is Blockchain Technology Important For Australia

Ben Hall Blockchain educator explains to us why Blockchain Technology is important for Australia.

1. Lowers cost of business

Some of the key benefits of blockchain technology are the fact that it lowers cost of business through the use of smart contracts.

2. Global trust

It establishes trust in unknowing parties it's secured by design utilizing cryptography and it's inherently global in nature. A few examples of this are the Australian Stock Exchange the ASX they're currently on a transformational journey to replace a 25 year old system chess with a blockchain based solution. It's going to enable us to buy and sell shares for example near real time instead of waiting up to two days for settlement. Another solution that's come out of Australia is that of Power ledger in Western Australi, it's enabling consumers like you and I to actually produce our own electricity off the solar panels on our roof and sell it back to our neighborhood, to make money on that electricity direct from the Sun.

3. Global exchange

Blockchain enables global exchange of value, and what I mean by that is that a company out of Brisbane Australia travel by bid is enabling travellers from all over the world to come and spend their cryptocurrency which is built on blockchain technology.

Really the question is are you considering blockchain for your business? because the reality is your competitors are.