Why a Blockchain CRC is Needed

There are three main impediments that are preventing blockchain from reaching its full potential. To become the global leader in the responsible development and adoption of transformative blockchain solutions, Australia will need to address and overcome these impediments.

Identity

There is a lack of understanding about how best to identify individuals, companies, assets and other pieces of information contained in a blockchain network. This lack of understanding also extends to how to best protect the personal information collected, used and disclosed on these networks. Solving the identity challenge will also be a key step towards preventing fraud, money laundering and other illegal activities currently associated with blockchain.

Technology

Whilst there is a general consensus among the public and private sector that the adoption and use of blockchain technologies is necessary to further advance our society, what is still unknown is how this technology can be best developed to overcome its existing flaws and maximise its potential. This includes critical elements such as security, interoperability, scalability and minimising energy use.

Regulation & Governance

The current blockchain regulatory environment is underdeveloped and inconsistent. In its present state, it exposes people and businesses to risk. The lack of a clear regulatory framework hinders the development of blockchain technology, and is acting as a disincentive for Australian blockchain entrepreneurs to remain onshore. An effective regulatory framework is also needed to prevent cybercrimes and other illicit activities currently associated with blockchain technologies.