Australian Government Pledges Measly $100K Towards Blockchain Development


<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Australia’s Karen Andrews of the Ministry for Industry, Science and Technology is pledging $100,000 towards furthering blockchain development. In a press release, Andrews says her department will put the money towards “regulation, skills and capacity building, and international competitiveness and collaboration.”” data-reactid=”31″>Australia’s Karen Andrews of the Ministry for Industry, Science and Technology is pledging $100,000 towards furthering blockchain development. In a press release, Andrews says her department will put the money towards “regulation, skills and capacity building, and international competitiveness and collaboration.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="It’s a solid step forward in the nation’s fight to become a global blockchain leader. Unfortunately, the funds are significantly lower than previous offers like one billion AUD towards IBM’s blockchain developments for Australia’s government. The move leads enthusiasts to question what impact such a tiny sum could really have.” data-reactid=”32″>It’s a solid step forward in the nation’s fight to become a global blockchain leader. Unfortunately, the funds are significantly lower than previous offers like one billion AUD towards IBM’s blockchain developments for Australia’s government. The move leads enthusiasts to question what impact such a tiny sum could really have.

Australian Blockchain Adoption Has Moved Ahead

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Blockchain’s popularity is growing heavily in Australia. Last December, the city of Fremantle launched a pilot program enabling residents to trade power on a blockchain-based platform developed by Power Ledger. Logistics insurance company NTI also announced the launch of a blockchain-powered end-to-end supply chain tracking system.” data-reactid=”36″>Blockchain’s popularity is growing heavily in Australia. Last December, the city of Fremantle launched a pilot program enabling residents to trade power on a blockchain-based platform developed by Power Ledger. Logistics insurance company NTI also announced the launch of a blockchain-powered end-to-end supply chain tracking system.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Previously, the Commonwealth Bank of Australia and the Commonwealth Scientific and Industrial Research Organization (CSIRO) trialed a proof-of-concept program suggesting that blockchain-based “smart money” could best disburse social benefits to people living with disabilities. Regardless of the action occurring within the space, Australia’s government and financial institutions like the Reserve Bank of Australia have been slow in accepting blockchain beyond its capabilities surround crypto.” data-reactid=”37″>Previously, the Commonwealth Bank of Australia and the Commonwealth Scientific and Industrial Research Organization (CSIRO) trialed a proof-of-concept program suggesting that blockchain-based “smart money” could best disburse social benefits to people living with disabilities. Regardless of the action occurring within the space, Australia’s government and financial institutions like the Reserve Bank of Australia have been slow in accepting blockchain beyond its capabilities surround crypto.

What is $100,000 Supposed to Do?

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="$100,000 is a small amount, especially when placed against sums like the $10.8 billion JP Morgan is pledging towards the development of new technologies in 2019, predominantly blockchain. Australia is the world’s 14th largest economy, with a nominal GDP of $1,500,000,000,000. However, $100,000 is just enough to pay the annual wages of two full-time civil servants.” data-reactid=”39″>$100,000 is a small amount, especially when placed against sums like the $10.8 billion JP Morgan is pledging towards the development of new technologies in 2019, predominantly blockchain. Australia is the world’s 14th largest economy, with a nominal GDP of $1,500,000,000,000. However, $100,000 is just enough to pay the annual wages of two full-time civil servants.

Blockchain, Australia

Australia is spending much more money on its look than it is on blockchain developments. | Source: Shutterstock

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Read the full story on CCN.com.” data-reactid=”53″>Read the full story on CCN.com.

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