This is the second report on Blockchain, from ACS. The first report was by IP Australia, the second (today), is by CSIRO.
There was much talk about "trust" at the launch. However, I suggest that blockchain is about doing business in the face of a lack of trust. Either you don't trust the people you are doing business with, or you don't trust the government, and the blockchain provides a way to work with this lack of trust.
One interesting question for the panel was what would be the effect of quantum computing on blockchain. Australia is a leader in both technologies. Unfortunately the panel did not have a clear answer.
ps: I am on the ACS Blockchain Committee.
'Blockchain technology is a distributed ledger technology whereby a database is distributed across numerous users, and changes to the database are validated by consensus among the users. While it is best known as the platform
for Bitcoin, blockchain technology can be widely applied to improve business processes, increase transparency, and drive the creation of new jobs and industries.
Over the last decade, blockchain technology has grown in popularity and use, and has already begun to disrupt existing markets in Australia and around the world. The opportunities blockchain presents have been invested in, studied, explored, and considered, in almost all sectors of the economy. Blockchain has attracted significant public and private investment, and introduced previously non-existent products and services across multiple industries.
Despite its potential, there is significant uncertainty regarding future adoption of blockchain technology in Australia. For instance, there are unknowns around blockchain’s capacity to work at scale while remaining decentralised, and protect confidentiality whilst also being transparent. The extent to which the public will trust decentralised systems is also uncertain. These uncertainties raise the question: can blockchain progress beyond the hype to deliver tangible, high-value applications and a thriving industry for Australia, or will blockchain amount to little more than a market bubble?'
From: "Blockchain 2030: A Look at the Future of Blockchain in Australia" CSIRO/Data 61, for ACS, 2019