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9 April 2019 News Release

Blockchain presents an opportunity to improve business processes, increase transparency and drive the creation of new jobs and industries. The scenarios are designed to challenge current perspectives, define and explore key uncertainties, and provide a common set of shared narratives for industry, government and community stakeholders.

As of April 2019, CSIRO’s Data61 is among the top blockchain research organisations in the world, and the author of five of the 30 most-cited blockchain research papers globally.

“It’s fair to say that the hype around blockchain is fading and we’re likely heading towards what is sometimes called the ‘trough of disillusionment’,” Dr Alexandra Bratanova, Research Scientist at CSIRO’s Data61 and lead author of the report said.

“It’s been over a decade since blockchain was first introduced but distributed ledger technology is far from dead,”

ACS President Yohan Ramasundara said investment in blockchain is still growing significantly.

“Right now there are 14 job positions for every blockchain developer. And while current activity is largely concentrated in financial and insurance services, there are many potential applications across the gamut of Australia’s industries.” Mr Ramasundara said.

The report outlines Australia’s competitive advantage, already home to world-first blockchain applications in bonds operations, smart programmable money and international standards, as well as industry-specific trials in energy, agriculture and the public sector.

“Using the lens of the Gartner Hype Cycle for new technologies, the next phase of development is what is known as the ‘plateau of productivity’, where technologies simply become a part of the fabric of the technology and business landscape.” Dr Bratanova said.

“Trust is the big X factor,” Mr Ramasundara said.

“Citizen reactions to the Cambridge Analytica scandal, the banking enquiry and rising incoming inequality has seen an erosion of trust in centralised institutions. Should this trend continue, it may very well be the platform to ignite blockchain adoption and other decentralised technologies.”

To read the full report, visit: Blockchain 2030 - A Look at the Future of Blockchain in Australia

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