Last month, the Australian government has unveiled the country’s National Roadmap for Blockchain that hopes to not only implement Blockchain on a national level on governance and business, but also to combine Blockchain with other impactful technologies to generate new economic values in the 2020s decade.
The focus of the national roadmap in Blockchain is based on the following:
- Regulation and requirements
- Functionality and innovation
- Worldwide funding and collaboration
One of the major goals of the revised Blockchain roadmap from the 2019 version unveiled last year is to develop an industrialized Blockchain standards alongside the world’s leading Blockchain technology providers, therefore raising the platform’s Industrial Organization for Standardization.
With the bountiful economic gains through emerging markets and economies piloted by technology, Australia also hopes to pioneer the business-related application of Blockchain to its industrial sectors while also raising the capacities of its workforce and professionals when it comes to Blockchain related skills.
Landscape of Blockchain in Australia
According to the figures published by the Australian government based on Blockchain’s landscape for industrial application and innovative potential, it is the financial services who stands to benefit the most. Australia has long been an important region for finance and trade despite its geographical distance from Asia, United States and Europe. As the world’s largest banks are set to deploy their Blockchain solutions and are set to overhaul the entire financial trading system from a centralized trading regions to a trust-less, decentralized and free-flowing trading economy. The economic values derived from a Blockchain trading systems nets billions of savings from administrative costs and desk related functions.
Australia, a continent where banks and major financial houses are active as the region is among the most stabilized economies in the world, can further develop its hot money trading and fintech capabilities to better connect with the emerging markets in East and Southeast Asia.
Among the industries that Blockchain is currently facing a strong outlook in adoption in Australia are the professional services, retail, healthcare and social services and the utilities economy including energy, mining and the agricultural sector.
Can the Philippines Adopt Its Own National Blockchain Roadmap?
The answer is yes, but a national roadmap is a collective effort where the participation of the government, business, fintech and social – civics involvement are key factors to conceptualize a holistic roadmap that will benefit not only the government, but also the business sector and those benefits will trickle down to society for liveable cities and inclusive local economies.
Australia has a long history of experiencing brisk success when it comes to organizing national collective – from the National Broadband Network (NBN) where the government has developed the infrastructure and service structure of broadband, to the formation of IoT Australia, a cooperative entity dedicated to the development, innovation and industrialization of the Internet-of-Things in Australia, the Australian government is in a great position to drive Blockchain to a meaningful economic realization.
For the Philippines, a national consensus must be held as a summit where potential organizers of the national Blockchain model must be well-informed about the nation’s potential in the Blockchain economic sphere. Aside from insight, a consensus must be held to understand the nation’s capability to support a large moving collective where Blockchain can be simultaneously championed across economic sectors of trade, business, finance, fintech agriculture and human development.
A national collective must have the vision, the organizational capacity and collaborative efforts to realize a national blueprint. Make no mistake, Blockchain is making strides in the Philippines across multiple industries and economic verticals, but a collective effort is ideal to align these dispersed goals to realize impactful economic gains.
This article is published on BitPinas: [DynaQuest] A Look at Australia’s National Blockchain Roadmap