Over the past year, Australia has leveraged its economic strength to become the front-runner in the Blockchain innovations and adoptions. The blockchain industry has been thriving rapidly in every sphere of the Australian ecosystem.
The progress has been achieved because of the consistent steps taken to integrate the blockchain technology in the financial and government administration sector.
On the Blockchain building front, many Blockchain startups are etching a niche with their US, Asian, and European counterparts across the globe.
When did Australia boom in Blockchains?
Until early 2017, Australia wasn’t in the global scenario of blockchain technology. But as soon a ChronoBank kicked off first coin offering, many firms raised millions of funds to facilitate and bring in Blockchain-based projects in Australia.
Blockchain marketing firm CanYa raised $12 million in 2017 by launching its own currency CanYaCoin through initial coin offering (ICO).
Australia’s major blockchain company, PowerLedger raised $34 million in October 2017.
Block Stable coin startup Havven raised $38 million in March 2018 through public token sales.
BlockGrain, an agro supply tracking company which offers blockchain solutions to the agriculture sector, invested 3 million.
Recent ambitious blockchain projects by CanYa, PowerLedger, Protocol, and Synthethic (Havven) have been attracting lots of attention from the global industry.
Blockchain Progress in 2019
A large number of organizations and companies are adopting blockchain to improve efficiency and transparency in their ecosystem.
At the start of the year leading Australian, University Swinburn invested in the technology and proclaimed it as the fourth industrial revolution and identified itself as the global platform that will support and propel the blockchain-based trade and supply chains.
Collaborating with Capgemini, RMIT, and many other universities will also build a global Blockchain center in Melbourne, to train the future workforce needed for utilizing the technology.
The South Australian government will stride further by utilizing this technology in conducting the official elections.
Another major development happened by the implementation of Royal Hayne Commission into the banking sector to bring transparency and more competence. Retail and healthcare sectors too have synced in blockchain technology into their administration.
Public awareness campaigns have been run to cultivate trust in the decentralized systems. And the citizens are being provided with user-friendly solutions in multiple sectors with utmost security which is boosting their trust in this new technology.
Regulatory Measures to build trust and formulate the industry
The Anti-money laundering Act was passed in 2017 and in 2018, guidelines were issued to understand Corporation Act for ICO’s and crypto-assets.
Australian Federal agency CSIRO announced in August 2019, to develop a blockchain-based solution to simplify the legal contract process for the business transactions