To help strengthen the blockchain industry throughout Australia, Karen Andrews, the country's minister for industry, science, and technology, and Simon Birmingham, the minister for trade, tourism, and investment, have issued a joint press release outlining the country's blockchain strategy and planned project funding.
Per the roadmap, the government will push for the development of blockchain "regulation, skills and capacity building, innovation, investment, and global competitiveness and collaboration".
Adding to this, she said the Australian government will be working closely with blockchain and technology experts to develop a sound strategy while also collaborating with CSIRO's Data61 to incorporate findings from their upcoming future scenarios report on blockchain.
Presumably, this will help Australia becoming a "world leader" in the budding blockchain industry.
As such, the latest round of funding will allow the Australian Ministry for Industry, Science and Technology to entice companies to enroll in the Australian Trade and Investment Commission's (Austrade) expedition to this year's Consensus blockchain conference in New York City.
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It is a combination of these investments that the Australian government hopes will cover the development of blockchain "regulation, skills and capacity building, innovation, foreign investment, and worldwide competitiveness and collaboration". To date, its digital research and innovation hub, Data61, has led several main blockchain projects. The plan revealed included a policy that would touch on "regulation, skills and capacity building, innovation, investment, and worldwide competitiveness and collaboration". "Consensus is the leading event for blockchain globally and will present significant opportunities for Australian tech companies to showcase their products on the world stage".
In July 2018, IBM also signed a five-year AU$1 billion ($740 million) deal with the Australian government to use blockchain and other technologies to improve data security and automation across federal departments.
Minister Birmingham noted that this endorsement will stimulate the growth of blockchain companies "down under", in effect ensuring that Australia and the nation's tech companies will remain relevant in "one of the world's fastest growing technology sectors".
Although this is not the first time Australian government is committed to innovating the country in terms of blockchain - as per the release, AUD700,000 was the previous investment towards Digital Transaction Agency by Liberal National Government in blockchain for 2018-19.