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.”

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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

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