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Liberal Australian Senator Andrew Bragg said integrating blockchain technology into the country’s financial system could have far-reaching positive consequences.
According to a November 4 report from tech news site ZDNet, Bragg said “the future is technology via blockchain” at the Future of Financial Services 2020 virtual conference on Wednesday. He said:
“It could be the solution for one-touch government with real-time international transactions. It will eliminate our time zone problem, which has been a long-term problem for Australia … Blockchain technology can streamline regulatory processes, reduce fraud and reduce costs for regulatory compliance and administration. “
Additionally, Bragg suggested that blockchain could help Australia rebuild trust and confidence in its financial system following the 2017 Hayne Royal Commission investigation into misconduct in the banking, pension and financial services sectors. He also said it is important for the country to be globally competitive in the financial space and suggested considering Hong Kong as a possible market:
“Hong Kong will still be an important gateway to China, but due to the recent turmoil and foreign influence laws, they will not have the same attraction to the regional headquarters. We’d be crazy if we stood by and allowed such profitable market share to lead to Singapore or Tokyo. “
Bragg’s look at distant overseas markets makes it increasingly clear why he believes blockchain technology could help him realize his vision. More and more blockchains and cryptocurrencies are being used to make international remittances faster, often in real time, and cheaper than traditional alternatives.
The focus on bringing blockchain technology to financial markets is certainly not unique to Australia. Back in March 2018, consulting and auditing giant KPMG suggested in a report that building KYC (Know-Your-Customer) tools on blockchain technology could help financial institutions replace a process that is currently “extremely inefficient.” bogged down with time and laborious manual processes, duplication of effort and the risk of error. ”He added that KYC was also a tiring, repetitive and time-consuming process that often frustrates customers.
