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Australian blockchain sector makes inroads with formation of Parliamentary Friendship group

09 Aug 17

The Australian blockchain sector received a boost today with news of the formation of the Australian Parliamentary Friends of Blockchain.

Formation of the bipartisan group was announced by co-convenors, Senator Jane Hume and Senator Sam Dastyari at an event held in Parliament House and attended by more than 100 industry stakeholders.

Hume says that "the opportunities for government, academia and the private sector are enormous", while Dastyari says the "question for Australia is: Are we going to follow or are we going to lead?"

Nicholas Giurietto, chief executive of the Australian Digital Commerce Association (ADCA) - the industry body for Australian businesses investing in blockchain technology - also addressed the meeting.

He says, "Smart countries will take advantage of blockchain technology to renew and strengthen their economies and cement their place among a small group of global economic leaders."

Giurietto called for ongoing close co-operation between government, regulators and industry in advancing the adoption of blockchain technology in Australia.

"Commercialisation of blockchain solutions almost always requires a rethinking not just of existing processes, but of the architecture of existing systems.  This requires deliberate collaboration between policy-makers and industry."

Reflecting the diversity of interest in blockchain technology from sectors right across the economy, Giurietto noted that both leading corporates and small entrepreneurial startups attended the launch event.

Giurietto welcomed the formation of the Parliamentary Friends of Blockchain group as a significant opportunity to enhance dialogue between policymakers and industry.

"I hope that the formation of the Parliamentary Friends of Blockchain comes to be seen as a key moment when Australian business and government came together to press the accelerator pedal on blockchain adoption."

The ADCA aims to encourage the responsible adoption of blockchain technology by industry and governments across Australia as a means to drive innovation in service delivery across all sectors of the economy.

It aspires to see an Australia that leads the world in the adoption of blockchain technology that has transformed the economy and society to achieve significantly greater competitiveness, efficiency, service quality, social engagement and employment.

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