What are the Implications of Blockchain in Australia?

The Blockchain technology is finely capable of transforming the entire structure of financial services and the growing realization of this has created immense global interest. Australia is not falling behind on this trend, and the country’s potential to assume a global leadership role truly envision some exciting predictions and times to come.

Back in 2016, Joel Lipman, FSI Innovation Leader at Deloitte and Jesse McWaters, Project Lead, Disruptive Innovation in Financial Services at the World Economic Forum, organized a workshop that welcomed forty major representatives from Australia’s technological community, government, incumbents and regulators.

The workshop began with a discussion regarding the World Economic Forum’s records on the Future of Financial Services report. The latter covered the relations between disruptive innovations and the manners in which financial services are structured, consumed and provisioned. The focus point was to get a better hold of not only Australian but the global efforts around distributed ledger technology as well. The country’s pioneering steps under these circumstances were also highlighted. It was agreed upon that there are unique conditions and opportunities in Australia for effective and highly beneficial collaboration.

Workshop Agreements

The needs and requirements for the near-future developmental program were outlined clearly. The parties reached a consensus that Australia definitely needs a very clear national statement of intent. The latter should not only focus on fintech innovation but consider the purposes of blockchain and exactly how Australia can take a global leadership position by better means. Another term of the agreement was to enable forums to conduct more collaborative work with the technologists, innovators, regulators, and incumbents. Finally, the need to demystify the Blockchain language also emerged. The parties believe that once the mind-boggling jargon of the system is no longer present, its worth can be substantially expanded. Namely,  in terms of going beyond the financial services to the rest of the economy. As a result, Australia wholistically will be able to discover how blockchain benefits the nation.

With the emergence and the implementation of blockchain technology in the Australian financial domain, developers and entrepreneurs can put their creative minds to good use and produce even more innovative games for gambling lovers. This has been brought up due to a well-known relationship between the total revenue and a notable contribution that gambling holds to it. Not only will the peer-to-peer gaming become a reality opening the door for mutual betting, decentralized lotteries and other categories of games, but Aussie high roller casinos will also benefit sizably. One of the main attractions of using Blockchain technology will be the improved degree of trust between players and operators. Every game rule, underlying code, and the outcome will be enabled to verification and thus, enhanced safety and security will be guaranteed. 

In addition, it will not be too big of a hurdle for Blockchain to gain support rapidly in Australia since many reputable online casinos allow Australian punters to wager, withdraw and deposit in bitcoins.

Prima Steps in Development

 A not-for-profit Blockchain association registered in Victoria, Australia aims to enhance and grow the Australian Blockchain community. The main activities brought forward by the organization are as follows training programs, online newsletters, social media content, community hackathons, innovation challenges, and regular meetup groups. The Association is trying to uplift the Blockchain ecosystem and community to address the critical skill gap in Australia connected to Blockchain technology. A few of their major goals include education, development, empowerment, and expansion of the community and connecting it to global leaders and the best practice. 

Ongoing membership and community involvement ensure effective capacity building, as well as the sustainability and impact of the Association. The latter is also willing to support and lead initiatives in order to inform all stakeholders in the system since the founders believe that the community stakeholder education is essential.

It would not be too out of touch to say that the conditions briefly described above make Australia seem like a qualified and very fitting location for Blockchain promoters to dwell their investments and consider the expansion of the industry. Since more and more countries across the world are catching up onto the tendencies favored by Blockchain, Australia should not fall behind either.