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An Australian senator has declared himself a big fan of blockchain, saying the technology could help ease government processes, strengthen financial regulation, and more.
As reported by ZDNet on Wednesday, Andrew Bragg, Senator for New South Wales, boldly stated “the future is blockchain technology” at the Future of Financial Services 2020 virtual conference.
“It could be the solution for one-touch government with real-time international transactions,” said Bragg, a member of the Liberal Party.
The senator went on to suggest that blockchain could help “eliminate” Australia’s problem with multiple time zones.
Additionally, Bragg said the technology could simplify “regulatory processes”, save on compliance and administration costs, and help rebuild “trust and confidence” in Australian financial services after the 2017 Royal Banking Commission investigation found practices. banking and financial institutions at the main institutions in the country.
“We need to make it easier to become a global player,” he said, adding that blockchain could be “an engine of future jobs and economic growth” in Australia.
