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DTA Says Blockchain Technology Is Interesting And Riding On Hype Cycle Currently

The Australian Digital Transformation Agency (DTA) said that even though the blockchain technology is interesting and could be observed without standardization it is just riding on hype cycle. The DTA made its view on blockchain after it received AU$7, 00,000 in May to review the technology.

In its report, the Chief Digital Officer of DTA Peter Alexander said, “Blockchain is an interesting technology that would well worth being observed but without standardization and a lot of work to come — for every use of blockchain you would consider today, there is a better technology — alternate databases, secure connections, standardized API engagement.”

Alexander added further that even though blockchain can be used very well in the low trust environments and the government is interested in looking more thoroughly at it. It wants to find out whether trusted relationships are possible using this technology by knowing who is interacting with. During the hearing, DTA stated that it is currently working with several agencies that are trying to find out the use of blockchain.

According to reports, the Department of Home Affairs is looking into blockchain technology applications in freight monitoring and how it can be used in conjunction with smart contracts for tariffs and duties, ZDNet reported. ATO and ASIC along with other treasury outfits are also looking at how the technology can be used for settling payments. IP Australia is running a pilot test for finding out the potential of blockchain for handling food providence.

Alexander stated that the government agencies have responded very well to this investigation and really want to know the potential of the blockchain, but there is a vast difference between the knowledge and skills. According to Alexander, the level of maturity has been growing with regards to blockchain technology.

The chief digital officer of DTA stated that they have absorbed all the funding received for blockchain technology investigation, InnovationAus reported. He further said that the team is doing some work on it and the cost has been directed towards the staff for their effort.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Sangati has graduated in biological sciences and also has completed P.G. Diploma in Mass Communication. She has an experience of 14 years writing for leading ad agencies, corporate and media houses, online news channels and websites. She is passionate about writing, reading, music and traveling. Sangati writes blockchain and cryptocurrency news for OWLT Market.

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