Increasing government focus on Blockchain - India, Australia, China, US update
It looks like blockchain is at the cusp of becoming mainstream with various governments releasing their roadmaps for the blockchain future. This is significant, as government adoption will assist in main-streaming of this technology. Further, it will drive the much-needed clarity in regulations which is important given the many sensitive areas this technology can touch - like finance, privacy, data localization etc.
The Australian Department of Industry released a 52-page framework in Feb 2020 detailing how industry can drive the adoption of blockchain tech to empower the future and remain competitive. The report recognizes that blockchain's application for the purpose of tracking and recording data can add value to many sectors—such as agriculture, healthcare, real estate and retail, to name just a few.
In 2019 NASSCOM reported that nearly half the states in India have initiated blockchain projects to address different elements of citizen service delivery. While most projects are in the pilot stage, the state governments have taken a progressive approach to ensure start-ups and niche providers have a conducive framework to participate in these initiatives. Earlier in early Feb 2020, India's Niti Aayog (the policy think tank of the Government of India) released the India's blockchain strategy policy paper. The policy paper is being released in two different parts. Part one deals with basic concepts, trust systems, the economic potential of smart contracts and blockchain, ease of doing business and different ongoing use cases. Part two will be released in the coming weeks which will mainly cover different recommendations for using blockchain technology in India.
Earlier, in Oct 2019, the Chinese leadership encouraged Chinese enterprises to ‘seize the opportunity’ in using and accelerating the development of blockchain technology, in what appeared to be one of the first instances of a major world leader backing the tech.
As of the end of 2019, the US Congress introduced 21 bills addressing cryptocurrency and blockchain policy that could be considered in 2020 by the second year of the 116th Congress. U.S. legislators are examining the landscape of how this new technology has been and could be impacting businesses, consumers, and society at large. Although Congress introduced a total of 22 bills that involve cryptocurrencies or blockchain technology, there are three main public policy areas that will likely be the continued focus of the 116th Congress into 2020.
1. The National Blockchain Roadmap: Progressing towards a blockchain-empowered future.
2. Blockchain: The India Strategy
3. US update.
The Australian Department of Industry released a 52-page framework in Feb 2020 detailing how industry can drive the adoption of blockchain tech to empower the future and remain competitive. The report recognizes that blockchain's application for the purpose of tracking and recording data can add value to many sectors—such as agriculture, healthcare, real estate and retail, to name just a few.
In 2019 NASSCOM reported that nearly half the states in India have initiated blockchain projects to address different elements of citizen service delivery. While most projects are in the pilot stage, the state governments have taken a progressive approach to ensure start-ups and niche providers have a conducive framework to participate in these initiatives. Earlier in early Feb 2020, India's Niti Aayog (the policy think tank of the Government of India) released the India's blockchain strategy policy paper. The policy paper is being released in two different parts. Part one deals with basic concepts, trust systems, the economic potential of smart contracts and blockchain, ease of doing business and different ongoing use cases. Part two will be released in the coming weeks which will mainly cover different recommendations for using blockchain technology in India.
Earlier, in Oct 2019, the Chinese leadership encouraged Chinese enterprises to ‘seize the opportunity’ in using and accelerating the development of blockchain technology, in what appeared to be one of the first instances of a major world leader backing the tech.
As of the end of 2019, the US Congress introduced 21 bills addressing cryptocurrency and blockchain policy that could be considered in 2020 by the second year of the 116th Congress. U.S. legislators are examining the landscape of how this new technology has been and could be impacting businesses, consumers, and society at large. Although Congress introduced a total of 22 bills that involve cryptocurrencies or blockchain technology, there are three main public policy areas that will likely be the continued focus of the 116th Congress into 2020.
1. The National Blockchain Roadmap: Progressing towards a blockchain-empowered future.
2. Blockchain: The India Strategy
3. US update.