Paving the way, the Australian Government has implemented Blockchain Technology across various government sectors.
With the recent announcement of a National Blockchain Roadmap, the next five years will see Australia "progressing towards a blockchain-empowered future", ultimately growing new opportunities for foreign investments and partnerships.
By recognising the need and importance of blockchain Technology, Australia's Government is the first country to host innovative blockchain applications, whilst ranking sixth in the world for patent filings related to blockchain.
"Together, we can drive the long-term development and adoption of blockchain technology, and capitalise on the tremendous economic and social opportunities it offers."
- The Hon. Karen Andrews; Minister for Industry, Science and Technology
By 2025, it is predicted that blockchain technology will generate an annual business value of over USD$175 billion and in excess of US$3 trillion by 2030.
As part of Australia's Coronovirus recovery plan, Prime Minister Scott Morrison announed the federal government has set aside nearly AUD$900 million to invest in digital technologies - with a AUD$6.9 million initiative specifically for blockchain technology in support for "two blockchain pilots directed at reducing business compliance costs".