The Department of Home Affairs (DHA) is proposing a whole-of-government approach to modernise Australia’s trade process, aiming to ensure an international trade future is one where the government has visibility of its end-to-end supply chains and access to real-time intelligence information.
This move would give the Australian government an outlet towards legitimate trade activity. This news comes within the same week that Australia’s 2018 to 2019 budget of $700,000 AUD ($520,000) is to be allocated towards blockchain research.
Addressing the Joint Standing Committee on Trade and Investment Growth on Thursday, DHA representatives discussed its desired single “touch point” approach to managing trade, saying it was looking to emerging technologies such as artificial intelligence (AI), the blockchain, and the Internet of Things (IoT) for a suitable framework.
A spokesperson for the DHA a stated: “blockchain is a tool and the information provided gives us greater visibility on who enters data into the system”.
In the international trade context, DHA believes blockchain can help reduce trade documentation such as licenses, permits, and payment evidence, as well as processing costs, and reduce delays associated with errors in the physical movement of paperwork.
Back in April, the Australian government reported their plans of development for cryptocurrency and blockchain industries within the country. The government is declaring cryptocurrency as “legal tender” and is working on regulating and licensing crypto exchanges.