The Australian government’s new national blockchain strategy aims to make Australia’s nascent blockchain industry into a global leader.
According to the country’s Ministry for Industry, Science and Technology and Ministry for Trade, Tourism and Investment, the wine, banking and finance industries will be the key priority sectors.
Outlining the program’s development, Karen Andrews, Minister for Industry, Science and Technology, said the five-year blockchain roadmap will underpin the work of regulators, startups and researchers on the matter. She added that the sector is set to be worth AU$259.4 billion ($175 billion).
Local wine is one of the most successful export products in Australia, with over 2,000 exporters shipping it to 123 destinations around the globe. Last year, the country’s wine export volume reportedly grew by 3% to AU$2.91 billion ($1.9 billion), although volume declined by 12% to 744 million liters.
Previous blockchain investments from Australia’s liberal national government—under Prime Minister Scott Morrison—allocated AU$700,000 to the country’s Digital Transformation Agency in 2018-19 explore the benefits of using blockchain for government payments, as well as AU$350,000 to Standards Australia to promote the development of standardized international blockchain standards.