Since the invention of Blockchain technology twelve years ago, we have seen massive advancements on a global scale in the implementation from governments worldwide.
Not only in the financial sector is it a major advantage however, many governments have started implementing the technology over a wide range of areas in order to successfully keep track of operations.
Recently, Australia has been at the forefront of implementing Blockchain Technology across various government sectors, with the Australian Government recently announcing a National Blockchain Roadmap – “Progressing towards a Blockchain-empowered future” for the next five years.
Australian National Blockchain Roadmap
The Australian Government has recognised the need and importance of Blockchain Technology, being the first in the world to host innovative Blockchain applications, and raking sixth in the world for Blockchain related patent filings.
With the implementation of the new National Blockchain Roadmap over the next five this will enable Australians to develop much needed and necessary Blockchain skills, further growing new opportunities for foreign investments and partnerships.
“This Roadmap not only identifies the current and future opportunities for blockchain but also provides the signposts for the future development and opportunities for this technology. And the greatest gains for blockchain-enabled economic transformation in our businesses and sectors will be realised when we all play our parts—government, the blockchain sector, and researchers.” – Karen Andrews, Minister for Industry, Science and Technology
“Blockchain technology is predicted to generate an annual business value of over US$175 billion by 2025 and in excess of US$3 trillion by 2030.”
Australian Food and Wine Industry
Alibaba, global e-commerce giant and MasterCard have teamed up with Blockchain Australia and will soon be releasing a new VeChain-powered platform that will track Australian food and wine exports.
Blockchain technology is the driving force behind this new partnership and development, which will see produce within the international export market be tracked, authenticated and financed from Australian farmers.
By teaming up with MasterCard and Alipay this will ensure that Australian farmers are paid faster and earlier for the produce they produce to the international market.
The platform and partnership has been initiated in order to be primarily aimed at the $76 billion Chinese food and wine market.
APAC co-founder, David Inderias has commented on the importance of the new technology within the new economic and market ecosystem post Covid-19;
“The overall theme of this is making more resilient export supply chains. Once current complexity is COVID. The other is the economic and political trade circumstances, especially with China.”
Australian Dairy Farming Industry
Australian dairy farmers have just signed a deal with the Australian Government, which now introduces the use of the Blockchain technology into the daily supply chain of milk production.
This new movement has come into effect to balance the relationship between Australian dairy processors and the retail sector.
Australian farmers have been through very threatening times with the drought and the recent bushfires, which has seen the dairy industry struggle drastically. This has meant that farmers have seen declining margins within the agriculture supply chain.
This new deal between the agriculture industry and the Australian government will mean that dairy farmers will now be able to take back control of their industry. Over the last 30 years the agricultural enterprises locally in Australia have dropped from 15,000 to just 5,000 in 2020, and a 10 percent drop in the international market.
By incorporating Blockchain technology into their systems they will now be able to cultivate a real time payment platform linked to the Blockchain-powdered supply chain information system.
ADF President, Terry Richardson, has commented on the significance of this new deal;
“The transparency of shared information using Blockchain technology empowers our dairy farmers. Blockchain will reduce costs to compete more aggressively in local and global markets. It will also allow greater knowledge of what happens to a farmer’s milk once it leaves their farm, and will provide consumers with trusted information about where their milk comes from.”