The blockchain industry is firing on all cylinders worldwide. Australia is the latest country to express its plans for this disruptive technology.
It appears that a $175 billion fund will be set aside to explore blockchain technology.
The Blockchain Effort in Australia Takes Shape
This funds is more than necessary to fund all of the associated research and development.
Rebuilding the country’s infrastructure from scratch will pose many different challenges.
Those efforts will be worth it, assuming Australia can become a global leader in DLT.
The first points of focus lie with banking, export, and educational infrastructure.
All of the legacy systems associated with these industries need to be overhauled and replaced in the years to come.
This news doesn’t come out of the blue.
Albeit Australia has never expressed any real desires, the focus has shifted to blockchain well over a year ago.
Given how other countries are now accelerating their plans, this region cannot risk being left behind.
There are many different potential applications for blockchains across different sectors and industries.
Unlocking the use cases and building the necessary tools to transform the existing infrastructure will take a lot of time.
Throwing a lot of money at this project will not necessarily make it successful, though.
The coming years will undoubtedly prove very interesting for the blockchain space.