BUDGET 2018: Blockchain funding “for the good of the Australian people”

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Blockchain Technology Standards

The Federal Government has committed almost $1m to supporting blockchain development in Australia.

Budget papers released this evening (8/5/18) reveal $700,000 will be invested to ‘investigate’ areas where blockchain technology could offer the most value for Government service.

The funding falling under the title  ‘Delivering Australia’s Digital Future – Blockchain – use with Government Payments’  a sign the government is getting serious about a move towards accepting payments through blockchain technology.

Budget 2018 Blockchain

A further $200,000 has been pledged to supporting Australia’s global leadership in the development of blockchain technology standards.

The 200k has been allocated under the ‘Support for Markets and Business Program’, which treasury papers say aim to assist in “Supporting and implementing informed decisions on policies for the good of the Australian people, including for achieving strong, sustainable economic growth, through the provision of advice to Treasury Ministers and the efficient administration of Treasury’s functions.”

Not-for-profit organisation Standards Australia will receive the cash injection over 3 years.

The organisation is advocating for the implementation of international blockchain standards, through its Blockchain Standards Initiative. 

Last year Standards Australia published The Roadmap for Blockchain Standards and hosted  the International Blockchain Standards Conference, featuring speakers from across the globe, exploring how standardisation could enable wider use of blockchain technology.

Micky.com.au recently published ‘5 smart uses for blockchain technology’. CLICK HERE TO READ.