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An Australian lawmaker said blockchain technology should be adopted by the government, as a means of providing what it called “one-touch” government.
New South Wales Senator Andrew Bragg made the remarks at the Future of Financial Services 2020 virtual conference, in which he said that “the future is technology via blockchain”.
Bragg said blockchain “could be the solution for one-touch government with real-time international transactions.” He also highlighted the potential of blockchain technology to improve government processes and strengthen regulation in sectors such as financial services.
The blockchain could also be used to “eliminate” the difficulties posed by time zones in Australia, as well as help regulators and businesses operate with lower compliance burdens in regulated markets.
The senator said this would lead to savings on administration and compliance costs, while making both industry and regulators more efficient. In the case of financial services, Bragg said blockchain could help build “trust and trust” in the industry, following the revelations of underhanded banking practices in recent years.
Calling blockchain an “engine for future jobs and economic growth”, Bragg said it is important to “make it easier to become a global player” to take advantage of the opportunities that blockchain can offer.
The remarks show resounding support for blockchain technology from the liberal senator, who is actively campaigning for greater blockchain adoption across a range of processes, departments and government agencies.
The technology is likely to be particularly relevant to financial services regulators in the country, following a Royal Banking Commission set up in 2017 to investigate wrongdoing in financial practices undertaken by the country’s major banks.
Senator Bragg’s comments come at a time of greater push towards blockchain by governments around the world, eager to reap the benefits of the technology.
See also: Dr. Craig Wright’s presentation at CoinGeek Live, From the Internet to Bitcoin: The Digital Ledger to Advance the World’s Technology Infrastructure
New to Bitcoin? Check out CoinGeek Bitcoin for beginners section, the ultimate resource guide to learn more about Bitcoin, as originally intended by Satoshi Nakamoto, and blockchain.
