Australia leads the way with Blockchain Innovation

The Land down under is taking big strides towards blockchain adoption

Asia has led the way with the progress made in the adoption of the Blockchain technology with two of the three biggest Crypto markets (South Korea & Japan) located there. However, with the initial euphoria fizzing out on the premise of lack of regulation, most of the startups moved to more blockchain-friendly jurisdictions like Malta and neighboring Singapore becoming the regional hubs of this digital revolution. Australia with its digital-friendly economic policies, e-government initiatives & support for innovative ventures has benefited from the spillover effect of the “Blockchain corridor” up North.

Australia was one of the first countries in 2016 to utilize the blockchain technology combined with the Internet of Things (IoT) in a global trade transaction of a shipment of cotton to China with Commonwealth Bank of Australia & American Wells Fargo as the financial intermediaries.

Australia has claimed the number two spot in e-governance according to a United Nations 2018 E-Government Survey, behind Denmark & ahead of South Korea, a position that it has held since the inception of these rankings in 2014. The decision to create the Digital Transformation Agency (DTA) has supported the…