Australia’s Digital Transformations Agency (DTA) spent 700 thousand Australian dollars (about $500 thousand) on studying the blockchain. The unique competitive advantages of the new technology could not be found, but the budget has been completely depleted.
DTA concluded that the blockchain, despite being on the very crest of the HYIP wave, is currently not very effective in almost all sectors related to public services, where it is proposed to be used.
Not that it was basically useless, just the existing technologies that the blockchain is supposed to replace, cope with the tasks facing them as well and often more efficiently.
The state agency was not interested in studying the blockchain – the Australian government allocated $0.5 million in funding for this purpose.
However, there was no encouraging news from DTA.
Our position today, and this is an early write-up, is that blockchain is an interesting technology that would be well worth being observed, but without standardisation and a lot more work, for every use of blockchain that you would consider today there is a better technology.
Alexander also drew attention to the fact that the whole HYIP around the blockchain is not created by governments, not service providers and users, but the companies supplying blockchain solutions.
We’re not saying that blockchain doesn’t have potential but today, without standardisation, there is the challenge of blockchain becoming a little fragmented. When we get to the standardised blockchain then the opportunities for it will grow.
However, for the sake of completeness, it is worth noting that not all Australian officials share this opinion. As previously reported, the work on the creation of the National Blockchain was started in Australia. The initiative came from the State Association of Scientific and Applied Research of Australia (CSIRO) – the organization is not only very respectable but also quite state, as the name implies.
One of the pilot projects implemented with the filing of the CSIRO, in fact, provides for the creation of cryptocurrency, even if available for a certain category of the population, namely, disabled Australians of various ages.