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Australia’s First Government-Funded Blockchain Incubator Gets One Up on State Rivals

Australia’s First Government Funded Blockchain Incubator Gets One Up On State Rivals

The first crypto lab in South Australia to receive government funding is hoped to boost the industry and catch up with other states such as New South Wales and Victoria.

The new lab due to open in September has been awarded Federal Government funding to the tune of AUD 170,00 offering 10 blockchain startups both workspace and mentoring services.

Although Australia has a forward-thinking approach to cryptocurrency in general, the government is still slow coming forward to promote the industry. Currently, under a Liberal Government the Digital Transformation Agency (DTA) whose aim is to deliver world-leading digital services for the benefit of all Australians, feels that the technology needs more research before it can be described as the real deal.

South Australia is playing catch up with its state neighbors, but it is moving forward after holding the ADC Global Blockchain Summit in Adelaide last month, giving it the added credibility of holding Australia’s first international blockchain technology summit.

Adelaide crypto lab’s co-founder Yawn Rong claims that since the summit blockchain interest has “exploded”. He said that “South Australia may never be an industry leader, but that doesn’t mean it can’t be successful”. Rong was clearly happy to get one over on Sydney and Melbourne arguing:

“There are co-working spaces for blockchain in Melbourne and Sydney but there are no acceleration programs there… There are think tanks with blockchain departments, as well as university courses, but there are no specialized incubator programs in Australia that support the development of the proof of concept after their preliminary blockchain studies.”

Crypto SA’s federal government funding formed part of the Incubator Support program, which provides new and existing business incubators with grants of up to USD 500,000 to assist Australian startups to compete in international markets.

The Commonwealth Scientific and Industrial Research Organisation’s (CSIRO) Data 61 is continuing to examine blockchains capability within government and private use, claiming that Australia has the potential to lead the world in further developing the technology.

Australia’s major banks maintain cautious policies when it comes to cryptocurrencies, despite wide public interest, but many banks now permit the purchasing of cryptocurrency using credit cards.

 

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Australia Government Change Would See Labor Push Blockchain

Visa, Horowitz, Among Investors in African Lending App’s 0 Million Funding Round

A spokesman from Australia’s Labor Opposition party has stated that it will push blockchain technology if in government, despite current views that tech is overhyped.

Currently, under a Liberal Government The Digital Transformation Agency (DTA) whose aim is to deliver world-leading digital services for the benefit of all Australians, feels that the technology needs more research before it can be described as the real deal.

The current Shadow Minister for Human Services and the Digital Economy, Ed Husic, disagrees with the incumbent government’s stance over blockchain technology and is disappointed after the DTA was given AUD 700,000 to investigate blockchain as part of the 2018-19 Budget.

The government’s findings through DTA chief digital officer Peter Alexander was that “for every use of blockchain you would consider today, there is a better technology — alternate databases, secure connections, standardized API engagement”.

Husic responded during the launch of a blockchain paper from the Australian Computer Society (ACS), saying that some of the anti-blockchain reports were disappointing: “There’s this line that’s starting to creep out into the public space more and more about is blockchain over-hyped.”

He went on to compare the situation regarding the adoption of blockchain to the early days of the internet when people asked, “Do we really need a webpage? Do we really need this?”. He said, “We can just rely on what we’ve been doing at the moment… we don’t need to use this technology called the internet and other people will do it first. Then we saw other people do things first and get the advantage… and then we had to play catch-up.”

The Commonwealth Scientific and Industrial Research Organisation’s (CSIRO) Data 61 is continuing to examine blockchains capability within government and private use, claiming that Australia has the potential to lead the world in further developing the technology. Data61 CEO Adrian Turner commented:

“We’ve got high-performance computing capabilities, strong cryptography capability, strong protocol development experience — for example, wireless — we’ve got all the ingredients to actually smash it globally if we can get focused.”

 

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