Australia Streamlines Trade as Budget Makes Room for Blockchain

Australia’s Department of Home Affairs (DHA) has proposed a framework to introduce DLT into the country’s international trade and supply chain management, Coindesk has reported. The proposal arrived soon after the national government dedicated USD 700,000 of its 2018-19 budget “for the Digital Transformation Agency to investigate areas where blockchain technology could offer the most value for Government services…”.

The DHA has plans to modernize international trade management in the country and is hoping that emerging technologies will be key to supporting the process. The department has stated that an increase in trade would require new measures for fast-tracking and simplifying current documentation processes. The DHA expects to see a 28% increase in air cargo and a 13% increase in sea cargo imports to Australia over the next four years.

As part of the DHA’s update and modernization process, the department is seeking to establish blockchain, AI, and the internet of things throughout government trade management departments, in order to provide real-time intelligence for Australia’s supply chain.

A spokesperson from the department was cited as saying:

“Intelligence and risk assessment capabilities and revenue collection are improved by new and emerging technologies, such as blockchain, that would improve the veracity, validation, and analysis of intelligence and trade data.”

Australia’s changes to the way the DHA conducts trade business is seen by the department as a way of offering better safety standards and security, as well as increased efficiency, particularly in border inspection procedures. A statement at the submission said that a secure and modern end-to-end supply chain was fundamental to the country’s security, growth, and prosperity.

Trade management is not the only area which has seen an interest in blockchain solutions in Australia recently. The Australian Securities Exchange (ASX) has outlined plans to replace its current clearing and settlement system with a DLT model within the next two years.

 

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