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For Australian authorities, all companies will use Blockchain within 10 years – Cryptocurrencies

Australia wants to use blockchain as a support for its growth

Why was a blockchain originally created? For Bitcoin (BTC) and, by extension for cryptocurrencies. However, today we are giving the image of a blockchain that wants to infiltrate all sectors, to revolutionize them. Australia believes in a saving blockchain for its economy, in a blockchain that would position itself as a lever for the country’s economic growth.


The blockchain conquers the Australian seat

The Australian Senate, through ’a committee dedicated to fintech, released an early draft of a report on the economic recession. This report contains around fifty references on the blockchain.

TheAustralia is not spared by disastrous economic consequences caused by the COVID-19 pandemic. The country’s economy registered a negative growth rate during the second quarter of 2020.

The document presents numerous recommendations onblockchain adoption and thecompetitive advantage that the country can get: Andrew Bragg, the senator who heads this committee, believes that the blockchain can help create new opportunities and jobs.

The use of blockchain would be one of the success factors of agriculture with estimated profits of $ 100 billion by 2030.

The report estimates that the potential of blockchain is $ 175 billion per year, and that most fintech and regtech projects build on it.

An engine and not brakes for ICOs

There are many use cases for blockchain, such as issuance of titles and certificates in the real estate sector or as a reporting tool in the field of finance.

The regulation around ICOs received special mention, with the idea that the regulatory framework should encourage the development of the blockchain and not inhibit it.

The co-founder of Power Ledger, the Dr Jemma Green, noted that nearly $ 26 billion had been collected through ICOs, but the country had captured less than 1% of that value.

She explained that new tax rules adapted, could allow theAustralia to take better advantage of this opportunity.

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Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

I will launch a blockchain project the day I am sure that the blockchain brings real added value compared to centralized databases in the sector concerned – yes yes, I know the famous advantages of a decentralized blockchain: transparency, security, reliability. The blockchain is not a “miracle product”: the future will tell whether the Australian Senate was right or not in wanting to make the country, a land of the blockchain.

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