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The reality of Blockchain in Australia

Blockchain has made its impact globally with little, to few countries left for it to expand in the popularity of cryptocurrency and Blockchain grow hand in hand.

Blockchain will end up being more disruptive than electricity” Jeff Schumacher of BCG Digital Ventures.

The popularity of cryptocurrency and Blockchain grow hand in hand and PwC, report that well over $US1.4 billion ($1.8 billion) has been invested into blockchain tech globally. However, digital currency is just one of the few offerings. Implementation of Blockchain technology will soon be a practice, adopted by central banks, along with cryptographically secured currencies. With the future being the era of the blockchain, The Australian government has published reports oriented on the technology. The release of reports aimed to spread awareness about the technology itself, to both public and private sector organisations. Australian treasurer Scott Morrison said of the release:

“The reports demonstrate the benefits of this technology could be profound – delivering productivity, security and efficiency gains.”

The reports address many aspects, one primarily focusing on focusing on blockchain adoption and the other providing info regarding opportunities & risks for organisations that may be exploring or testing. (Research conducted by Data61)

One of the reasons of the growing interest in the field of blockchain is because it has the potential to act as the backbone of banking and exchange clearance systems. A blockchain driven society can enable many benefits, ranging from asset transfers across borders to impacting the time value of money. The scope and implication of blockchain in Australia are as follows, as discussed in the blockchain summit of 2016:

Potential of Blockchain:

“Australia is uniquely positioned in the world of blockchain. As of now, we are the world-pioneers in the real-life adoption of blockchain technologies in any significant commercial undertaking.”                                    

                                                             -Victor Jiang, Managing Partner, Sapien Ventures LLP.

Financial institutions in Australia stand in a prompt position with a great talent to the blockchain technology as a whole, with ANZ and SSX making their contributions known.

Implementation:

The corporate institution along with blockchain startups should work alongside one another and collaborate their way to a new era. This beneficial collaboration will allow the two to reap mutual benefits from each other’s resources and strengths. The limitations currently being faced by a blockchain startup is customer reach, customer trust, and distribution. On the other hand, the corporate sector lacks agility and fast prototyping, making the collaboration an essential element in the advancement of block chain in Australia.

The FinTech Industry Growth Sprout

FinTech industry will burgeon as The Australian government has revealed its alignment with the digital currency. This announcement served as a major step forward for the implementation of blockchain technology in Australia. This measure will ensure that GST is no longer being enforced on the purchases of digital currency. Hence the financial technology sector of Australia will experience growth as dealing with digital currency will no longer be subjected to double taxation. Additionally, the companies in Australia that promote the use of cryptocurrencies should follow the GST Act to amend the definition of money, as advised by the Australian Senate Economics References Committee (August meeting.)

Australia can take advantage of all the benefits blockchain has to offer for the betterment of their economy along with strengthening their position and making their mark on the list of global economic leaders, strongly supported by Nicholas Giurietto, CEO and managing director of the Australian Digital Commerce Association (ADCA). With ADCA being the industry body of many businesses that are investing in the blockchain. 

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