"Massive Opportunities" in Blockchain Technology, Australian Prime Minister Says

Omar Faridi
  • There are "massive opportunties" that blockchain technology can "open up", Scott Morrison, Australia's newly appointed prime minister, said.
  • Morrison added that blockchain will "transform" the areas of Consumer Data Rights and its upcoming Open Banking Reform legislation.

Scott John Morrison, Australia’s newly appointed prime minister, recently revealed that he has done a lot of research on cryptocurrencies. The prime minister also noted the potential benefits of blockchain technology in improving Australia’s Consumer Data Rights domain.

Morrison shared his positive outlook on the “opportunities” blockchain may “open up” in response to questions asked by Tim Meyer, the CEO of CryptoLabs, a cryptocurrency mining supplier.

"Transforming" Australia's Banking Sector

Meyer had first inquired whether the prime minister believes distributed ledger technology (DLT) could help in making banking transactions more efficient. According to Morrison, blockchain is not suitable for removing inefficiencies in the banking industry.

However, the prime minister thinks DLT-based systems are “going to transform the Australian banking system” specifically in the areas of Consumer Data Rights and the nation’s upcoming Open Banking Reform. As explained by Morrison, Australia’s Open Banking legislation (effective from July 1st, 2019) will allow for: “only trusted and accredited recipients … to access data, only with customers' express consent and only for the purposes the customer has expressly permitted,"

The Australian prime minister and leader of the country’s ruling Liberal party further noted that: 

what is being done with DLT and blockchain will open upen massive opportunities” by “delivering much tougher competition for the big banks.

Scott Morrison

Notably, Morrison’s positive views on the potential of blockchain technology have come at a time when New South Wales (NSW), the nation’s southeastern state, announced it will be introducing digital driver’s licenses toward the end of this year.

Digital Driver's License

As reported by local news outlet itnews, Australian cybersecurity firm Secure Logic’s newly developed blockchain-powered TrustGrid platform will be “one of the key architectural components of the electronic vehicle license.”

A beta, or trial version, of the digital driver’s license will be launched in Sydney, the capital of NSW, in November. Over 140,000 licensed drivers in the city’s Eastern Beaches region will have the option of using an electronic blockchain-based vehicle license. The driver’s digital ID may be used during police or background checks and can also be presented to gain entry into local clubs and bars.

The TrustGrid platform aims to be “a secure, decentralized, and immutable ledger of transactions.” Santosh Devaraj, the CEO of Secure Logic, said the blockchain-enabled platform can:

help put a stop to sophisticated fraudsters who can conjure up fake identities with relative ease. Too often license details are only checked superficially and this can now be replaced with cryptographic mechanisms.

Santosh Devaraj