The Australian Government will provide $800 million for the development of the blockchain industry in the country

Australia Prime Minister Scott Morrison (Scott Morrison) reported, that the government will highlight a total of about $800 Milln for the introduction of blockchain in various industries of the country.

Australian authorities plan to distinguish from the federal budget $6.9 million for the development of two pilot projects, using blockchain to reduce enterprise costs, $256 million - for the development of digital identification systems and $9.6 Milln-to support financial companies. Besides, The government is ready to highlight $419 million for the development of a single commercial registry based on blockchain, which will allow firms to safely store their data, view registration information and update it in a timely manner.

According to Morrison, The initiative is aimed at restoring the Australian economy, Elimination of outdated legislative "barriers", expanding the possibilities of small business and the introduction of the latest technologies in traditional industries. Employee of the Department of Industry, Science, Energy and resources of the government of Australia Chloe White (Chloe White) considers, that direct financing will be a huge step in the development of the blockchain industry in the country. She added, that it will be the largest investment, which the Australian government has ever committed in this sector.

Over the past eight months, White has closely collaborated with blockchain industry leaders, Having created two target groups on the use of technology to track supply chains and verify the authenticity of documents on education. Besides, In February, the Australian Ministry of Industry published a five -year plan for the development of blockchain in the country. However, this month, researchers from the University of South Australia discovered, what functions, Blockchain security, can jeopardize user confidentiality.

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