Australian Agency Affirms Blockchain is Intriguing Yet Hyped Up as Next Big Thing

Australian Agency Affirms That The Blockchain Is Interesting But Hyped

A government agency from Australia which is dedicated to streamlining the country’s IT operations has recently affirmed that the blockchain is an interesting technology but that it is overhyped by some of the companies that work with it.

According to Peter Alexander, the Chief Digital Officer of Digital Transformation Agency, the organization has received about half a billion USD from the Australian government in May which was used to explore the applications of the blockchain technology.

Alexander has affirmed that, while the blockchain’s development is just starting, it is a the top of the hype cycle as companies are hoping to make a profit with a technology that has not yet reached its full potential.

He adds that while the point is not that you should not trust any blockchain technology vendor, their motivation is to make revenue, so you have to trust them with a grain of salt instead of simply believing anything that they say about the blockchain technology.

Alexander also believes that the standardization of the technology has to be addressed in order to achieve better results because they are all different and do not connect very well. Also, he believes that there is a better technology for any blockchain application that you can have at the moment.

Because of this, the reports from Digital Transformation Agency seem to indicate that the blockchain technology is full of potential but that it fails to deliver on most of this potential right now.

Other Australian Government Agencies Have Moved To Study The Blockchain

The blockchain is at the focus of many governmental agencies in Australia. For instance, the Department of Home Affairs of the country has revealed in May that it is currently planning to investigate the potential of the technology for international and transparent trade and for the management of supply chains.

The Commonwealth Scientific and Industrial Research Organization (CSIRO) is also focused on researching the blockchain technology and how to use it to make insurance pay for citizens with disability in the country. The project is currently being conducted by the Commonwealth Bank of Australia.

CSIRO is also working together with the Data61 lab and law firm Herbert Smith Freehiills as well as IBM to conduct a pilot for a new system called the Australian National Blockchain.

Also, the New South Wales (NSW) government is making blockchain experiments to digitize the driver’s license of the citizens.

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