Blockchain to create $3 billion in a decade according to Australian Senate

More and more, the Blockchain technology is becoming a fundamental piece in the strategy of all countries. The value that the blockchains can provide is sought by organizations, companies and governments around the planet. That is why Australia has become one of the countries with the most advanced strategy in this sector. Working under the assumption that the Blockchain will create 3 billion dollars in the next decade according to the Australian Senate.

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Blockchain in the world
A few years ago, talking about Blockchain technology was a real rarity. For a long time, the blockchains were only a matter of experts in cryptography and cyber security. While, for the rest of society, this technology remained a mystery.

This changed thanks to Bitcoin. Because, and especially after the big rally in 2017, the popularity of cryptomoney led to more and more people becoming interested in the technology that makes it work. Allowing the general public to become interested in block chains, and the multiple functions they can have beyond the creation of cryptoactives.

Thanks to this, in recent years we have witnessed a true global competition among the world’s major governments. Those who want to take the lead in the Blockchain sector, to try to capitalize on the economic and military advantages that the chains of blocks provide. According to estimates by the Australian Senate, the Blockchain will create $3 trillion in the next decade alone.

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Australian Senate backs block chains
So, with such a large reward at stake, it is no surprise that governments and companies are quick to try and capture as much of the Blockchain market as they can. This has prompted countries like Australia to devote much of their legislative activity in this year 2020, to the creation of a regulatory framework strong enough to encourage the establishment of Blockchain companies in the country.

This has led the Financial Technology Committee of the Australian Senate to prepare a report in which it makes clear the advantages of the Blockchain. Making reference to the lost opportunity that it would represent for Australia not to take advantage of the possibilities of this technology. And going so far as to point out the need to take advantage of the benefits that Initial Coin Offerings have when raising capital.

Therefore, and with the objective of capturing as much as possible of this growing market. The Australian Senate proposes to deepen reforms to fintech regulations within the country. Promoting Australian companies to use ICO’s as a method to obtain capital. As well as the establishment of companies created with this financing mechanism in its territory.

This is a controversial position, considering that for most of the Immediate Edge crypto world Initial Coin Offerings are not secure financing mechanisms. Due to the amount of frauds that are financed in this way. This does not prevent countries such as Australia and Switzerland from betting on the creation of a regulatory framework, which allows the creation of ICO’s and their use.