An Australian senator has come out as a big fan of blockchain, saying the technology could help facilitate government processes, tighten up financial regulation and more.
As reported by ZDNet on Wednesday, Andrew Bragg, senator for New South Wales, boldly said that “the future is technology by blockchain,” at the Future of Financial Services 2020 virtual conference.
“It may well be the solution to one-touch government with international transactions in real time,” said Bragg, a member of the Liberal party.
The senator went on to suggest blockchain could help “eliminate ” the issue of Australia having several time zones.
Further, Bragg said the tech could streamline “regulatory processes,” save on compliance and administration costs, and help to rebuild “confidence and trust” in Australia’s financial services after the 2017 Royal Banking Commission investigation found shady banking and financial practices at major institutions in the country.
“We need to make it easier to become a global player,” he said, adding blockchain could be “a driver of future jobs and economic growth” within Australia.