Australia: Blockchain Interesting, but Exaggerated
Blockchain is interesting but overvalued: that was the conclusion of a devoted IT project run by an Australian governmental agency.
The spokesman behind the blockchain project is Peter Alexander, the main digital officer at the Digital Transformation Agency (DTA). Peter explained that they arrived at that conclusion prior to getting a sum of half a million dollars to understand and analyze all government related blockchain applications.
Alexander said that there’s promise in blockchain but it’s still developing, and now it’s simply just good publicity.
He also said that profit-seeking firms are where all the propaganda is stemming from, denying that he has any negative connotations or credibility issues with any of the sellers, as to him that’s beside the point.
Where the Market is Headed
Remarking on the regulation of blockchain, he said that it’s a turbocharged market and the grass is always greener somewhere else, so this is a gap that needs careful consideration to enhance the use of blockchain.
Blockchain case-studies are getting a lot of Australian government attention, such as the DIBP’s announcement to look into the uses of blockchain in terms of being a potential enhancer of international trade and management of supply chain.
The Australian Commonwealth Bank is running a project for exploring the usability of blockchain in squaring the insurance debts for disabled residents.
The government of New South Wales is testing the 360 digitization process of all real-estate and driver's license concerns.
Reported in late August, the Commonwealth Scientific and Industrial Research Organization said that their research team is collaborating side-by-side with Hebert Smith’s law firm and IBM for a trial of a National blockchain bank in Australia which will legitimize all transactions and contracts.