Australian Senate: Blockchain will create $3 trillion of value by 2030
Australia has made significant strides in the blockchain space already in 2020, previously announcing a roadmap for a vibrant blockchain sector that the country hopes to achieve via a combination of banking, export, and education infrastructure changes. Additionally, the National Stock Exchange of Australia is building a blockchain-based settlement and clearing system—in partnership with financial tech (fintech) company iSignthis—that could also enable fractional trading in the process.
Word of both of those plans has reached the Australian Senate’s Select Committee on Financial Technology and Regulatory Technology, which released an interim report that includes numerous references to blockchain.
The Senate Committee’s report lays out the potential for blockchain to power advances in both fintech and regulatory tech (regtech). It also highlights what could be a missed opportunity so far: reaping the myriad benefits of capital raised via initial coin offerings (ICOs).
The report notes the same figures stated in the February National Blockchain Roadmap announcement, citing an expectation that blockchain technology will drive $175 billion in global business value by 2025 and more than $3 trillion total by 2030.
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