Australia to Conduct $530k Research Project on Blockchain

Prime Minister of Australia, Malcolm Turnbull made a specific request to conduct a research project on the Blockchain technology which is reportedly worth $530,000. 

The information was passed by a local news outlet ITNews, which stated that Turnbull had explicitly asked the country’s Digital Transformation Agency (DTA) to study the new technology. As informed, DTA is an official body which has the main task of bringing government services into the digital age.

DTA chief digital officer, Peter Alexander confirmed that the country’s Prime Minister had written an official letter to their assistant minister, Michael Keenan, asking to “have a look at Blockchain technology”. The task furtherly evolved into the particular piece of research project which was specifically dedicated to the technology. The agency received a budget award of $530,000 in order to conduct the research project.

According to the budget document which was published earlier, “the Government will provide $0.7 million in 2018 to 2019 for the Digital Transformation Agency in order for it to investigate the areas where Blockchain technology could offer the most value for Government services”.

As reported earlier this month, Australian government expressed a measurable interest in the new technology measurably investing in the study of Blockchain in order to reveal possible ways of the government to be able to best leverage the technology’s advantages, including looking at trade supply chains.

Alexander furtherly added that the Australian Securities and Investments Commission (ASIC), was also looking up for the new technology and the possible applications of it. Reportedly more and more agencies in Australia have been talking about Blockchain technology and considering it as an effective solution for the future. Alexander concluded that many vendors were also talking about the possible applications of the Blockchain technology with the government, which all together have led to the initiation of the important research project.

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