Government Of Australia Plans To Integrate Blockchain Technology In Trading!

Australia’s Department of Home Affairs is looking to blockchain technology in trading to provide secure and transparent international supply chain management.

Furthur, the department is hoping to modernise international trade management in the country. And also pushing for a pan-governmental framework for emerging technologies.

blockchain technology in trading
Source: Flickr

Moreover, that includes blockchain, AI and the internet of things, to provide real-time intelligence on the country’s supply chain activities.

Blockchain technology in trading:

Accordingly, the DHA proposes the framework during a joint standing committee on trade growth on Thursday, a ZDNet report says.

A spokesperson from the department saying:

“Intelligence and risk assessment capabilities and revenue collection is improvable by new and emerging technologies, such as blockchain, that would improve the veracity, validation, and analysis of intelligence and trade data.”

Evenmore, the DHA is currently researching, investigating, and understanding the applicability of blockchain in developing its trade modernisation plan.

In a submission to the committee, the department reports that, in the coming four years. It expects to see a 28% increase in air cargo and a 13% increase in sea cargo imports to Australia.

Moreover, Blockchain could play a role in reducing trade documentation and associated costs, as well as reducing delays associated with errors in the movement of paperwork.

Further, the modernisation effort leads to, “increased safety and security as well as greater efficiency in border inspection clearance procedures.”

Finally, the submission ends by,

“A secure and modern end-to-end supply chain is fundamental to Australia’s security, growth and prosperity.”

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