Blockchain is still a nascent technology but it is gaining mass adoption as time goes by. In the latest news, an Australian Liberal Senator Andrew Bragg believes that blockchain can solve several major regulatory challenges in his home country.
The technology may become a useful vehicle in the reduction of complexities linked to financial regulatory transparency and compliance, according to Bragg. While speaking at an online panel of the Future of Financial Services 2021 conference, the senator said that “The future is technology by blockchain,” as reported by ZDNet on November 4.
Bragg explained that blockchain-powered instant cross-border transactions:
“may well be the solution to the one-touch government with international transactions in real-time.”
The senator also said that blockchain technology can solve significant problems linked with the time zones, regulation, and fraud:
“It will eliminate our time zone problem, which has been a problem for Australia over the long run. […] Blockchain technology can streamline regulatory processes, reduce fraud, and reduce costs to regulatory compliance and administration.”
At the time of that conference, Bragg also mentioned the importance of expanding Australia’s global competitiveness in the financial industry, especially concerning Singapore. Since 2019, Bragg has served as a senator for New South Wales. So far, he has emerged as a major blockchain proponent official in Australia.
Last September, Bragg contributed to a report by the Australian government’s Senate Select Committee, which projected that all fintech firms will utilize blockchain in one way or the other within the next ten years.