Blockchain Technology in Australia and Its Potential Solution
Jul 20, 2019
If you're into information technology and at least familiar with commerce, you've no doubt that you have heard about blockchain. Recent years have seen blockchain surge in popularity to such levels that more and more countries are investing in cryptocurrency and blockchain.
Despite some skepticism along the way, it has shown a ton of promise. While there's only a handful of major countries that are fully utilizing cryptocurrency, but the continued growth will no doubt have long-term effects as it spreads far and wide. Among these countries that have a keen eye for cryptocurrency and blockchains is Australia.
What makes Blockchains very appealing to an ever-increasing audience?
For decades ever since the launch of the internet and the information age, hacking has and always will be rampant. You may have read stories of how users' personal information was somehow "phished" by third-party software and used by criminals to gain access to bank accounts and personal emails. Or stories of how even personal information can be leaked all over the internet, which can cause some very costly damage
Fortunately, blockchain offers a very secure solution to many of today's data breach problems. The data that these "blocks" can only be accessed by the ones who created it, which makes it a lot easier to access the data at any time, while at the same time make it harder for hackers to crack the blocks open and steal the data for themselves. The generally decentralized nature of blockchain is the main selling point and something that more countries are investing in.
How Blockchain Developed in Australia?
Australia is among the newer countries to take part in the cryptocurrency revolution, with the Australian Securities Exchange announcing on June 2016. Their declaration on adopting blockchain technology greatly enhance the capabilities of having a new post-trade platform based on distributed ledger technology. This technology records shareholdings and manages the clearing and settlement of equity transactions.
A few months later in September, Australia has become a world leader in developing the standards in order to effectively govern blockchain technology and its ethical uses. And as early as 2018, it was reported that blockchain has been implemented even in government operating systems thanks to AUCloud, which would no doubt enhance their capabilities to levels they would never think possible.
The Future of Blockchain in Australia
Now that cryptocurrency and blockchain have made a positive effect on the Australian market, what's there left to do and what are their plans moving forward into the 2020s? Of course, improvement is never-ending, and like all technologies, it can only continue to grow even more.
More institutions are adopting the technology, further driving forward the vision of a more stable financial sector that drives the global supply. Research has been made by the RMIT University Blockchain Innovation Hub to have a deeper understanding of how Blockchain Technology can potentially solve the developing world’s biggest problems.
There are even talks of using blockchain technology outside of trading and financial use. And it’s not just banking, government or academia, more Australian institutions and companies in a wide range of industries including retail and healthcare is expected to use blockchain as it moves from being a buzzword to becoming a critical component of their success. And Australia hopes that more and more countries will follow their lead.