According to an Australian Senate report, Blockchain technology will be the key to all financial technology (fintech) and regulatory technology (regtech) companies in the future. The report called for the adoption of blockchain and other emerging technologies as the country faces its first recession in three decades. The report tabled by Senator Andrew Bragg of Australia, the chair of the Aussie Senate’s Select Committee on Financial Technology and Regulatory Tech, claims blockchain will overtake fintech in a decade.
Senator Andrew Bragg asks for the adoption of blockchain tech.
One of the key technologies the Senate report recommended is blockchain. Blockchain and distributed ledger technology are mentioned dozens of times in the report, which also projected that blockchain’s potential would hit $175 billion within the next five years, and $3 trillion by 2030. The fintech industry will be one of the biggest beneficiaries of blockchain and is expected to lead in adopting technology worldwide. The report stated that most fintech and regtech projects would either be built predominantly on blockchain technology or heavily using that within the next ten years in Australia.
Blockchain adoption continues to increase amid the ongoing pandemic.
Since the global pandemic has begun, regulators worldwide are looking for safer ways to allow businesses to work that does not require human to human contact. The blockchain technology that underpins most cryptocurrencies has proved beneficial in such cases as the technology removes the need for paperwork. Earlier this month, the US Senate proposed blockchain voting during the lockdown. The proposed bill sought a blockchain-based distribution of medical equipment.
As reported earlier, the Andong region in South Korea became a ‘Special Industrial Hemp Free Zone.’ The creating of the free hemp zone is seen as a significant development, as it would help boost the region’s bio industry. South Korea has been leading in blockchain adoption.