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Australian PM Sees a Bright Future for Blockchain

a bright future

Newly appointed Australian Prime Minister Scott Morrison believes blockchain technology is going to “open up massive opportunities” for the country.

Speaking recently in an interview with the CEO of CryptoLabs, Tim Meyer, Morrison spoke of the new National Payments Platform that provides 24/7 clearing and settlements between banks and financial institutions in the country.

He went on to discuss new legislation that will see the Australian parliament implement blockchain into the upcoming Consumer Data Rights and Open Banking Reform developments.

Morrison believes one of the key advantages of such a system is the tough competition that it will pose to big, corporate banks that currently have too much control. The words echo the sentiments of the wider cryptocurrency community and indicate a changing mindset amongst more progressive politicians.

This year has seen a growing acceptance of blockchain adoption by several governments worldwide. Once the remit of smaller, economically inclined nations like Malta, Estonia, and Panama, we are now seeing larger G20 nations finally realizing the true power of the technology.

Turkey has recently established a blockchain innovation center and even the United States is investigating blockchain in voting systems. In the United Kingdom, the Bank of England has completed a Proof-of-Concept (PoC) system similar to that of Australia’s to test using blockchain for payments and settlements.

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