News

Australia’s Impact on Blockchain Compared to FX

Australia has been on the frontiers of blockchain technology for a while now. The country has actually made quite a reputation with is advancements in this very same sphere since it became popular around a decade ago.

Karen Andrews, Minister of Industry, Science, and Technology, has been quite verbal about her support of the launch in 2019. The new project was named Blockchain 2030: A look at the future which is developed by CSIRO’s Data61 in collaboration with Australian Computer Society. She believes that blockchain technology has a huge potential to create new jobs and accelerate the growth of Australian businesses. Australia has made huge efforts that have paid off when it comes to blockchain. The technology sector has seen rapid growth during the past couple of years. From 2016 to 2017 alone the statistics show that there has been almost 50 percent expansion. The development of national blockchain roadmap is one of the stepping stones the nation has to take to move into the pool of these opportunities. This is motley due to the fact that Australia is boasting a very active startup and technology community that is on the frontiers of the innovation on all frontiers including blockchain technology.

Blockchain

To put all of this in the numerical sense the amount of blockchain startups has risen to 8.1 percent which is a jump from 3.6 percent that it used to be in 2016. Each of these blockchain developers are offering 14 job openings for Australian citizens.

The popularization of blockchain technology has definitely led to an increase in market activity in Australia. A lot of people started trading in their free time. The cryptocurrency market is more or less still unregulated and a lot of individuals are finding their niche in it. However, the technological advancements are working in favor of other industries as well. The foreign exchange market (Forex, FX) is a good example of that. The brokers who are essentially focused on the crypto market are advancing their platforms and adding new functionalities that forex brokers are benefiting from as well. Since new additions and functions are getting tested out all the time. The development of AIs aiding the clients is one of the biggest additions to the existing systems. All of the Australian forex brokers listed here have modernized their services to fit any kind of clients. The regulatory body of Australia, the Australian Securities and Investment Commission (ASIC), is one of the most trusted regulators across the world with major investor protection mechanisms implemented all across the board. This makes trading on forex in Australia not only safe but gives the technological advancement edge due to the overal country’s tech-savvy nature.

Blockchain 2030, in particular, Data51’s earlier two reports that were written for the Coalition Government. These reports are shedding light on how the blockchain technology can be adopted both in the governmental and private sectors all across the nation. Apart from this, the focus was on collecting necessary information from other reports that can aid the blockchain efforts. This has put CSIRO’s Data61 on top of the organizations that research blockchain technology. They are authors of 5 out of 30 most cited research papers that are published globally. Apart from this, Australia is a safe haven for some of the leading blockchain initiatives that include industries like energy, public sector, and agriculture. Australian National Blockchain (ANB), which was developed by CSIRO’s Data61, is one of the most prominent examples of these efforts. Apart from this, there are law firms like Herbert Smith Freehills, IBM, and King & Wood Mallesons that represent a huge chunk of cutting edge infrastructure in Australia’s digital economy. Their work has enabled companies from all across the nation to join the system and have access to digitalized contracts, have the ability to check for the authenticity and status of legal contracts, and exchange data.

One of the major reasons why Australia is being so successful with blockchain technology is due to the government backing of the initiatives. The Liberal-National Government has invested as much as $700,000 into the investigation of the benefits of the aforementioned tech for government payments. This went to Digital Transformation Agency which did a great deal of work that accelerated the process. Apart from that $350,000 went to Standards Australia that works on the creation of international blockchain standards via International Organization for Standardization as well as $100,000 to finance the startups trying to go to New York’s blockchain event Consensus. The coalition at this point seems to be focused on supporting the innovation and technology to aid the process of the creation of jobs for Australia’s economy. The efforts have already paid off with as much as 1.5 million new jobs since 2013.

Foreign Exchange Market

At this very time, the Australian Securities and Investment Commission (ASIC) is working hard on the creation of new regulations for Australian investors. The regulatory body has made a number of achievements that landed it a status of the most trusted regulators across the world. The idea is quite simple, forex brokers in the country are investigated thoroughly before they get licensing from the regulator. Apart from this, the process of getting this license is quite tedious and requires a lot of effort from the broker firm to ensure the safety of the funds of the individual clients. There are also efforts from the regulator to aid any Australian citizen who feels like they were cheated out of their money.

Add Comment

Click here to post a comment