New Blockchain Overview Released By Australian Government's Digital Transformation Agency (DTA)

Australian DTA Publishes An Elaborate Guide On The Usefulness Of Blockchain

Earlier this week, the Australian Digital Transformation Agency (DTA) released an elaborate overview of blockchain technology so as to help government officials learn about the usefulness of this technology.

The release of the report comes after the DTA launched a research program to determine whether or not blockchain has the potential to streamline data transfer/exchange between different wings of the Australian government.

What’s The Core Purpose Of This Guide?

When looked at closely, we can see the above mentioned blockchain guide is based on data that has been made public by the DTA in recent times. To be even more specific, the government agency has made use of a lot of info. that has derived from research conducted by the National Institute of Standards and Technology (NIST) — especially in regards to their paper titledBlockchain Technology Overview”.

On the subject, a spokesperson for the DTA was quoted as saying:

“Our team found that blockchain is still an emerging technology and, when applied to various pilots or considered against alternative technologies, gaps become evident across both the technical and business facets of its implementation.”

More On The Matter

The DTA guide not only contains a wide array of detailed definitions but also possesses “explanations of key processes and functionalities” related to the field of blockchain tech. In addition to all this, the guide also looks at niche’ topics such as encryption and privacy.

In relation to the matter, NIST’s report echoes the sentiment relayed by the DTA:

“Blockchain technology is still new and should be investigated with the mindset of ‘how could blockchain technology potentially benefit us?’ rather than ‘how can we make our problem fit into the blockchain technology paradigm?’.”

If that wasn’t enough, according to the DTA, government bodies need to look for ways in which to imbibe the best blockchain-related improvements for their digital systems as we move into the future.

Final Take

For those of our readers who may not remember, the DTA’s budget for this year allocates a huge chunk of money for the “research and development” of a new, secure digital system that will be able to deliver encrypted information to other network participants in a safe and secure manner.

To be a bit more specific, nearly USD 700k has been set aside for the “deployment of blockchain technology within the existing digital framework of the government”.

Last but not least, a few days back, DTA’s Peter Alexander released the following statement:

“Blockchain is an interesting technology that would well worth being observed, but without standardization and a lot of work to come — for every use of blockchain you would consider today, there is a better technology — alternate databases, secure connections, standardized API engagement.”

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Ethereum Layer 2 Solution, SKALE Network, Launches Its Mainnet Phase One; Staking & Bounties Start in Early Q3

SKALE - an open-source scaling solution backed by Gemini exchange founders Winklevoss brothers for scaling the Ethereum network - has started to roll out...

Pundi X Integrates PayPal into Point-of-Sale Device, XPOS; Users Can Buy & Sell Crypto Seamlessly

Pundi X, a blockchain firm based in Singapore, has integrated its point-of-solution (PoS) device, XPOS, with PayPal, according to a medium post on June...

Crypto Mining GPU Manufacturer, NVidia Petitions Court to Toss Out $1 Billion Class Action

NVidia has petitioned the California court to dismiss the class action suit made by its investors. The lawsuit against the firm’s top brass alleges that...

Hacker Extort 116.4 Bitcoin from University of California San Francisco (UCSF)

The University of California San Francisco (UCSF) paid a ransom of $1.14 million in Bitcoin after a ransomware attack earlier this month, reported BBC...

Targeting Institutional Investors: SBI Holdings Is Buying a Minority Stake in B2C2 Exchange

A unit of Japanese financial conglomerate SBI Holdings, SBI Financial Services is buying a minority stake in London-based crypto market maker B2C2 for $30...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today