Although blockchain is no silver bullet, experts say Australian organisations should embrace and invest in the technology
Blockchain, or distributed ledgers, could deliver much-needed productivity benefits and drive innovation across Australia, but the nation’s leading research agency has warned that it is no silver bullet and the road ahead will be bumpy.
Adrian Turner, CEO of the Commonwealth Scientific and Industrial Research Organisation’s Data61 digital research network, said blockchain had the potential to reframe financial services and address industry issues, such as food provenance and quality of agricultural exports.
Blockchain could also boost Australia’s productivity, which has declined more sharply than in other Organisation for Economic Co-operation and Development (OECD) nations.
Several significant blockchain projects are already under way, led largely by the financial industry, where 80% of the world’s banks are to engage in blockchain trials, according to World Economic Forum data.