Blockchain is becoming a bigger part of our everyday lives and people all around the world are waking up to its potential. Government bodies are actively trying to come up with ways to increase the adoption rate as well as innovations regarding blockchain since it is becoming clear that blockchain has so many advantages and can help out multiple different industries to perform better and more transparently. The most recent country to take a step in this direction is Australia. It’s true that there are already some mechanisms in place that use blockchain and promote its adoption but the latest initiative is taking a far more proactive approach and is set on exploring all the ways in which it can use blockchain more effectively.
Benefits of blockchain for the food industry
With this new initiative, the Australian government is developing standards around blockchain and providing necessary funding so the different businesses can make the best of this opportunity. The government is giving $240,170 to Standards Australia to lead the development of international blockchain standards via the International Standards Organisation.
A big focus is on Australia’s food market this time. According to the Food Innovation Australia, the food and wine fraud cost the country more than $1 billion in 2017 and blockchain adoption is necessary to prevent any fraudulent activity like this since the technology allows for transparent product movement that can be documented and accessed by the specific groups.
Australia’s Department of Industry, Innovation, and Science thinks that using blockchain for food transparency could greatly improve the current situation in Australia.
Importance of blockchain for the gambling industry
But of course, the food industry isn’t the only one that can benefit from blockchain technology. It is universal enough to improve the day-to-day managerial activities of all industries and the one where it has already made big progress is the gambling industry. Australia is a great place to gamble, because of its multiple casino venues and slot machines. Many casinos offer exciting promotions and no deposit casino bonuses for Australian players because the industry is so popular in the country. We’ve already mentioned that a blockchain is a perfect tool for increased transparency and fast transaction which is two things that casinos around the world desperately need. By introducing blockchain into their systems many casinos have finally managed to overcome the basic challenges that have been getting in their way for decades now. An industry that is so heavily reliant on accounting and the number where there is a lot of room for errors and misunderstanding, applying a tool that makes these transactions and calculations easily traceable is a great way to improve not only the efficiency of these services but their overall quality as well.
Casinos can also move their financial papers to a blockchain ledger where they can be accessed from anywhere.
The location is another problem that often fazes those who play in different countries. If a person wins in a foreign country but want to take their win back home there are a lot of challenges and they need to overcome first There will be a currency issues, cross-border transaction that takes a very long time and the ownership of the money is still within the hand of the casino as long as the player hasn’t received it. When applying the blockchain to this, the money transfers become first of all faster, but also more secure since the ownership of the money goes directly to the winner through the blockchain ledger, since the information is already registered in one place.
In addition to that, blockchain can be used to promote responsible gambling and set daily limits to prevent excessive gambling in players and if entire casino industry was to transition to the blockchain it would make problem gambling much easier to manage and it would take away a lot of the stigma that surrounds the gambling industry to this day. Blockchain systems can even help gamblers set their own limits and to block their access to casinos for a limited amount of time.
Since Australia love casinos so much and even uses some of these techniques to make the best out of the blockchain technology, it’s is likely that the adoption rate will continue to increase while more and more industries get involved in moving their business to the blockchain ledger, increasing transparency, efficient and delivering better services in general.