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Blockchain 2030: A Look at the Future of Blockchain in Australia

Blockchain 2030: A Look at the Future of Blockchain in Australia

ACS, the professional association for Australia’s technology sector, today released its new collaboration report authored by Data61 – Blockchain 2030: A Look at the Future of Blockchain in AustraliaThe report explores eight scenarios for future adoption of blockchain technology in Australia.

The scenarios are designed to challenge current perspectives, define and explore key uncertainties, and provide a common set of shared narratives for industry, government, and community stakeholders.

“It’s fair to say that the hype around blockchain is fading and we’re likely heading towards what is sometimes called the ‘trough of disillusionment’. It’s been over a decade since blockchain was first introduced and though the hype has faded, distributed ledger technology is far from dead,” said Dr. Alexandra Bratanova, Research Scientist at CSIRO’s Data61 and lead author of the report.

ACS President Yohan Ramasundara added, “Investment in blockchain is still growing significantly and right now there are 14 job positions for every blockchain developer. And while current activity is largely concentrated in financial and insurance services, there are many potential applications across the gamut of Australia’s industries.”

The report outlines Australia’s competitive advantage, already home to world-first blockchain applications in bonds operations, smart programmable money, and international standards, as well as industry-specific trials in energy, agriculture, and the public sector.

“Using the lens of the Gartner Hype Cycle for new technologies, the next phase of development is what is known as the ‘plateau of productivity’, where technologies simply become a part of the fabric of the technology and business landscape,” Dr. Bratanova said.

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“Trust is the big X factor,” said Mr. Ramasundara. “Citizen reactions to the Cambridge Analytica scandal, the banking inquiry, and rising incoming inequality has seen an erosion of trust in centralized institutions. Should this trend continue, it may very well be the platform to ignite blockchain adoption and other decentralized technologies.” 

The report was launched by ACS at its Barangaroo Technology and Innovation hub at 12:30 on 9 April.

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