What is the impact of Blockchain on the Economy?

Blockchain, a type of ledger technology, has been under intense study for the last year by Australia’s Commonwealth Scientific and Industrial Research Organisation, or CSIRO, specifically by their Data61 group.

Data 61 is a partnership group dedicated to finding, creating, and studying data innovation. Therefore, their recently released reports pronouncing blockchain a “highly promising” way to manage supply chains for the government, finance, and industries and to increase Australia’s productivity are an exciting breakthrough that could put Australia at the forefront of technology and enterprise. But the CSIRO reports come with a warning that Blockchain may have some vulnerabilities as well.

After being commissioned by Australian Treasurer Scott Morrison, MP, in 2016, Data61 worked with input from governments and industries. Already a leader in this emergent technology, Morrison is advising its government and businesses to use the reports as “guidance on how they can accelerate their take up of blockchain technology.”

The Data61 reports explicate the “profound impact” blockchain could have on “delivering significant productivity, security, and efficiency gains” for Australia and the Australian economy, he added.

The reports include detailed case studies on the application of Blockchain to government data registries, international remittance payments, and trade finance.

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Source: What is the Impact of Blockchain on the Economy? | TrendinTech