Australia's government announced that financial technology firms would use blockchain within the next decade, saying that blockchain technology is crucial to its future.
Blockchain has been cited more than 50 times by the government's senate committee on financial and regulatory technology published document.
The document is a result of the economic recession experienced in the country for the first time in about 30 years due to the outbreak of the Coronavirus.
The report also stated many suggestions on how the country can adopt technology and become dynamic.
The prospect of blockchain is evaluated to be worth around $175 billion a year for five years and $3 trillion in the next ten years.
Other purposes of the blockchain technology are also for the documentation and control of data and trades.
Source: Cointelegraph
