Australia will release the national blockchain roadmap after nearly a year of preparation

The Australian Government will launch its national blockchain strategy on Friday February 7, after nearly a year of preparation.

It has been nearly a year since the Ministry of Industry, Science and Technology and the Ministry of Trade, Tourism and Investment announced the national blockchain strategy and roadmap in March last year.

The new policy roadmap aims to turn Australia's newly established blockchain industry into the world's leading company, making the country's wine, banking and finance industry a key priority.

Special focus on domestic wine

Outlining the development of the plan, Karen Andrew – Minister of Industry, Science and Technology, said the five-year blockchain roadmap will strengthen the work of managers, startups and research on the issue. , follow report by The Sydney Morning Herald on February 7. She further revealed that the field is expected to be worth 259.4 billion Australian dollars (175 billion US dollars).

Andrews has pointed to Blockchain's ability to enhance export opportunities, allowing domestic producers to track their goods, especially when it comes to exporting wine and labeling wine. In addition, the blockchain is expected to guarantee wine origins and cut part of spending.

Wine is one of the most successful exports in Australia, with more than 2,000 manufacturers shipping them to 123 locations globally. In 2019, Australia's wine export volume has increased to Australia's US $ 2.91 billion (US $ 1.9 billion), despite the volume dropping 12% to 744 million liters.

Australia invests in blockchain

However, the government does not seem to have spent any money on the implementation of the blockchain roadmap.

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As reported in March last year, previous blockchain investments from Australia's free national government – under Prime Minister Scott Morrison – paid AUD $ 700,000 (nearly US $ 500,000) to the Transformation Authority. Digital of the country in 2018-2019 to explore the benefits of using blockchain for government payments, as well as A $ 350,000 (nearly US $ 250,000) for the Australian Standard to promote the development of standards. International blockchain standards are standardized.

Other countries access blockchain investment

The Fourth UAE Industrial Revolution Center – a multi-party activity focusing on science and technology, Dubai Future Fund and World Economic Forum jointly published an article in January, in which arguing that implementing blockchain technology could save the UAE more than $ 3 USD.

In contrast, a major Russian company recently decided to cut spending on blockchain development in the country by at least 50%. Rostec-backed Russian government is planning to spend 28.4 billion rubles ($ 453.2 million) on the development of blockchain technology in Russia by 2024, instead of 55 billion ($ 877.8 million). ) to 85 billion rubles (1.3 billion USD) initially.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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