Australian Government Says No To Blockchain?
After receiving 700,000 AU dollars for the blockchain research in May, Australia’s Digital Transformation Agency (DTA) now states that the technology is too ‘hyped’. Apparently, there are more interesting solutions than blockchain.
A change of heart
Yesterday, we wrote about a crypto startup being shut in Australia. Today, some other disturbing crypto-related news has arrived from the country over the seas. On Tuesday morning at a Senate Estimates hearing an interesting statement was made by Peter Alexander, the Chief Digital Officer at Australia’s Digital Transformation Agency. Apparently, the agency’s views on blockchain technology have changed since May. Then they received 700,000 Australian dollars from the government for research and tests of blockchain solutions. Now, they think the technology mentioned is not as interesting as it was.
Why is that?
Peter Alexander has stated that the blockchain technology is an attractive concept but it’s already been explored by other firms. He thinks the idea might become overused and thus not so innovative anymore. Alexander has stressed that he’s not saying blockchain doesn’t hold any potential. He just feels like there are better solutions. The crypto-related technology still needs a lot of work and standardisation, according to Alexander.
The whole statement was harshly commented on social media.
Blockchain is passé
After receiving $700,000 to research blockchain, the government’s Digital Transformation Agency has discovered out that “for every use of blockchain you would consider today there is a better technology”. #estimates
— Denham Sadler (@denhamsadler) 22 października 2018
Blockchain technology has suddenly become a must in many industries and developing it equals staying up-to-date. The Australian agency stands opposite to that and says it’s not so innovative anymore. There are some other fields worth exploring that may be better and more efficient than the cryptocurrency-based tech, according to them. It’s quite an unusual statement in the world that seems to be madly in love with blockchain.
Alexander has mentioned that the agency already is in the early stages of blockchain development, since they have been working on it for nearly half a year. It remains unknown if the agency will continue to explore it further or if we’ll soon hear about them dropping the project.
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