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CSIRO’s Data61 will undertake a review to fully examine the far-reaching potential and implications for both government and industry of the adoption of ‘blockchain’ technology.
Blockchain underpins the Bitcoin digital currency system, and while the ubiquitous adoption of distribution ledger technology is yet to occur even in the financial services sector, its widespread deployment in the future, across multiple sectors, is distinctly possible and could deliver significant productivity gains across the economy.
Data61 is set to explore the potential benefits of productivity gains for the Australian economy, the skills Australia might require to become a global leader as blockchain technology becomes more prevalent; as well as potential legislative and regulatory implications such as privacy consideration.
The review will look to provide practical use cases where blockchain technology could be piloted in government services and the private sector.
Data61 Foresighting Team Member Stefan Hajkowicz said a number of potential ‘proof of concept’ projects will be evaluated in conjunction with industry experts and across government.
“There are currently a few potential areas where we could explore opportunities -such as sharable registry information, verifiable supply chains and assessment of aggregate risk exposure in the financial services sector,” Mr Hajkowicz said.
“There are also potential applications for this technology that extend well beyond the financial industry, and we are excited to explore, develop and apply the technology in both financial and non-financial industry, in consultation with industry and government.”
After consulting and evaluating suitable ‘proof of concepts’, an agreed ‘proof of concept’ trial will be developed to demonstrate the impact of the blockchain technology.
Blockchain technology, which utilises powerful algorithms, allows multiple, independent parties to share digital information or transact with one another, using distributed or shared ledgers.
Such environments are typically not ‘owned’ or dominated by any one user, but still allow all parties to have confidence in the integrity of the shared content.
Data61 CEO Adrian Turner said this exciting opportunity to collaborate with industry experts and across government to demonstrate how blockchain technology could be used to enhance the services of both government and industry, and to improve productivity.
“This is a rapidly emerging area and now is definitely the right time to look at what it could mean for our economy,” Mr Turner said.
“This study will provide the information we need to properly consider both the opportunities and the challenges posed by blockchain.”