Speaking at the Future of Financial Services 2020 conference this week, Australian Liberal Senator Andrew Bragg has emphasised the potential of blockchain technology to revolutionise government processes and financial services.
Not one to mince words, Senator Bragg said:
The future is technology by blockchain
Senator Bragg went on to say that:
It may well be the solution to one-touch government with international transactions in real time. It will eliminate our time zone problem, which has been a problem for Australia over the long run … blockchain technology can streamline regulatory processes, reduce fraud, and reduce costs to regulatory compliance and administration.
Senator Bragg's comments are likely informed by the Australian Senate Select Committee inquiry into FinTech and RegTech, which he Chairs, which recently released an interim report including 32 recommendations for faciliating the development of the FinTech and RegTech sectors in Australia. Given the report included over 6 pages dedicated solely to Blockchain and distributed ledger technologies, noting that the potential of the industry is estimated to be at $175 billion annually within five years and $3 trillion by 2030.
Speaking on the future of the Senate Select Committee's work, Bragg stated that in the remaining months of the committee, the Committee is determined to:
look at longer term views of technology as a driver of future jobs and economic growth
With its final report due on or before 16 April 2021, we won't have to wait long to find out.