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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 protecting 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?