Minister says Australian Economy needs Blockchain

News • 2020/08/11 • by Remitano

According to a member of the Australian government council, Australia can use blockchain to its advantage by providing a government-supported initiative that uses the blockchain platform. According to the member, this initiative can ultimately boost the economy and serve as a source of employment.

Australia's National Rugby League stated last Monday that it was testing an app called Smart Trademark. The platform, which is secured by blockchain, helps to identify fake trademarks hiding behind the veil of a real one. It allows registered business owners to link their online platforms and supply chain to a government registry. Clients can also check for the authenticity of the websites they are buying from by checking for a trust badge on the website.

Australia's rugby league explained that some of its official stores would start using the trust badge. Smart Trademark makes dubbing and forging difficult. Trademark owners are alerted of any suspicious attempt to duplicate the trademark. Backing the app, the minister says innovations like Smart Trademark help grow the country's economy and international reputation. He further stated that millions of jobs could be lost globally in the next few years unless a conscious effort is made to stop duplicating and pirating goods.

Source: Coindesk

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