Australia Shows Cryptocurrency Friendly Signs with Blockchain Business Protocol Development

No longer is cryptocurrency and blockchain technology a fringe concept enjoyed and developed by a lucky few developers in the first world. Countries all over the world continue to jump aboard the blockchain train, embracing the technology as the future of digital ledgers and a key element of the 21st century financial world.

For the most part, technologies on the blockchain began as solely financial helping to facilitate transactions and transmit data for economic organizations. But as the tech has developed, it is being used in a variety of new and exciting ways.

Australia is, in many respects, leading the charge for blockchain development across the board. The country has been very clear in the past that it is interested in becoming a hub for the development of the enigmatic blockchain technologies which underscore the cryptocurrency and Initial Coin Offering Markets. But now, they seem to have taken concerted steps to create their own, unique blockchain infrastructure. Australian officials have announced the beginning development for a national blockchain protocol. Rather than a strictly governmental endeavor, this plan will integrate blockchain technology into a variety of important industries.

Australia’s emphasis on blockchain technology has been in no small part motivated by their interest in fortifying and expanding business, which already thrives in the massive economy within the country. This new national blockchain, according to inside sources, will make it easier than ever before for businesses to access valuable resources integral to their long-term goals within the domestic and international economies.

Once the system passes its initial stages of development, it is likely that the government will seek to expand operations to even more small businesses in the massive geographic area controlled by Australian governments.

Data61 and Blockchain

This major blockchain innovation is actually coming from an existing agency within the federal government of Australia. Known as the Commonwealth Scientific and Industrial Research Organization, or the CSIRO, this organization has done work on a variety of technological innovations, ranging from insect repellent, to WiFi tech, to the new banknote structure employed by the federal government.

But now, the agency is allocating an increasing amount of resources to Data61, which is a new branch of the organization specifically tasked with researching elements of digital innovation in the modern era. Moving forward, Data61 is primarily concerned with capitalizing on blockchain technology to help jumpstart business in a variety of important sectors within Australia.

Partnered with IBM

Data61 has already amassed a reliable team of capable organizations to help roll out the massive new blockchain system. The Australian company will be partnering with the major computing company IBM, as well as British law firm Herbert Smith Freehills. While IBM will be tasked with the development of the revolutionary state blockchain itself, Herbert Smith Freehills will be working with the organization on key regulatory and legal issues as they roll out the new system.

Smart Contract Innovation

At the core of the business-side applications of the Australian blockchain will be the use of smart contracts to help develop an eventual “Internet of Things,” or IoT, system within the country. Smart contracts help to autonomously conduct transactions and agreements between a variety of different entities, the main one of concern here being businesses within Australia.

A spokesperson for the researchers at Data61 remarked on the future of smart contracts in businesses, saying that the blockchain architecture and smart contracts could help to make complex contract fulfillment far easier for business. He outlined that the firm will be looking to find more unique case uses for businesses in Australia.

IBM and Blockchain

IBM is no stranger to the development of blockchain technology. In the past few years, the tech giant has seen the adoption of their blockchain tech by several major international banking organizations. Additionally, a July 2018 test conducted by four international banks concluded that the blockchain infrastructure was a “viable” way to conduct transactions between different companies and in varying countries.

The Future of Crypto in Australia

According to government officials in their official press release, blockchain will henceforth be entirely legal within the country of Australia. This has several important implications, because it means that companies outside of the governmental sector will also be able to develop their own blockchain technology and market to the growing number of businesses which might be interested in the futuristic tech.

For cryptocurrency, an acceptance of blockchain technology seems to be a prerequisite to mass adoption of cryptocurrencies themselves. In Australia, it seems that the country has done a quick 180 on the technology. When it first came to prominence, the country blamed it for the occurrence of many problems within the country. But in 2017, Australia made the interesting choice to recognize Bitcoin as a national tender, or as a legal way to pay.

Australia’s development of its own blockchain will continue to be a key story to watch for anyone interested in the future of blockchain and crypto.

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