Blockchain technology is getting popular day by day. Many companies and organizations employed blockchain and get benefit out of its advantages. Blockchain technology bring security, transparency and speed in data transfer all together. It estimated that all fintech companies will use blockchain within 10 years. In fact, we can say blockchain is the future of the technology. In the near future, more companies and organizations will employ this technology to their ecosystem.
Recently, Australian government reported that blockchain technology is critical to Australia’s future. Most fintech and regtech companies will use this technology soon.
All fintech companies will use blockchain within 10 years; more jobs and opportunities are on the way
The Australian government’s Senate Select Committee on Financial Technology and Regulatory Technology released a report, which mentioned blockchain more than 50 times.
This report makes numerous suggestions about how the Australian nation can admit technology and become competitive globally.
Andrew Bragg is the committee head Senator. He mentioned in this report that he hopes that this report is a beginning for series of quick wins. In addition, he believes that such those changes will make new jobs and opportunities.
Blockchain is more potential than what we think
The report shows that blockchain potential is estimated at $175 billion annually within five years and $3 trillion by 2030. In fact, It mentioned in the report that blockchain technology will grow exponentially across the regulatory and financial sectors.
Michael Bacina believes that within the next 10 years, most fintech and regtech companies will employ blockchain technology to their ecosystem.
New regulations are blockchain-friendly
The tax treatment of ICOs shows that regulators are also supporting blockchain technology. The new regulations encourage blockchain development rather than prohibit it.
Dr Jemma Green is the co-founder and Executive Chairman of Power ledger. Recently, he mentioned that ICOs could raise over $26 billion so far. But, Australia captured less than 1 percent of this value. She explained, by the new regulations in this sector, Australia hopes to have a bigger piece of this $26 billion pie.