Leighlah Ashmore
Leighlah Ashmore

03.12.2021. in Developers, Technology, Thought Leadership

A study of consumer sentiment towards Blockchain Development Sydney

There’s never been a better time to start investigating what blockchain developers can do in Sydney, Australia. Once a relatively unknown and untested technology, blockchain has grown and developed to become one of Australia’s most promising burgeoning technological advancements, with a focus from a federal level to ensure that blockchain developers in Sydney are supported.

And it’s about time. Business and consumer sentiment has seen a shift over the past few years, embracing the technology rather than shying away from it out of fear of the unknown. Most recently, the Minister for the Digital Economy Jane Hume said at the AFR Super and Wealth Summit, “Whatever you might personally think – it’s a technology that’s not going away any time soon ... Don’t be the person in 1995 who said the internet was just a place for geeks and criminals and would never become mainstream.”

“Decentralised finance underpinned by blockchain technology will present incredible opportunities – Australia mustn’t be left behind by fear of the unknown,” said Hume. “If the last 20 or 30 years have taught us anything, it’s that all innovation begins as disruption and ends as a household name.”

But just being vocally supportive isn’t enough -- 2021 has been the year where blockchain developers in Sydney have shown businesses and consumers that an action-based plan to support the industry can make a huge difference.

As a result, Blockchain features heavily as part of the federal government’s Blueprint for Critical Technologies. This is a structured plan to address four key goals: access to technologies, recognition as a secure partner for these technologies, a focus on local research (both in Sydney and other states) and encouraging collaboration between regional development and international advancements.

When discussing the action plan, Prime Minister Scott Morrison said, "The blueprint sets out a vision for protecting and promoting critical technologies in our national interest. It aims to balance the economic opportunities of critical technologies with their national security risks. And it gives us the right framework to work domestically and with like-minded countries to support the further development of these technologies."

Blockchain is one of 63 technologies that will be given a more concrete and direct focus in the coming years as a result of the Blueprint, alongside AI and machine learning, protective cybersecurity technologies and robotics.

It makes sense, given the rise in cryptocurrency and blockchain adoption in Sydney this year. A whopping 17.8% of people now invest in cryptocurrency and support the blockchain infrastructure, according to Finder’s Cryptocurrency Adoption Index, with big banks like Commonwealth Australia even taking the leap to host trades on their existing banking app. It’s the first bank to embrace the technology in such a way, which is momentous given that a lot of the appeal of blockchain and crypto generally is to cut out middlemen -- like banks.

Ultimately it’s a huge show of faith for the industry to see both high tier governments and existing natural opponents to blockchain embracing the technology. Despite being young in the grand scheme of technological advancements in Australia -- and still under debate regarding under how, if at all, it should be legislated -- blockchain has been given an opportunity to develop at a rate that matches us with the rest of the world, using it to create solutions for large scale problems including public services and infrastructure.

With an expected global business value of “more than US$175 billion per year” by 2025, it’s high time more companies and consumers recognised the inherent value of having robust, efficient and streamlined technology at our fingertips -- and blockchain developers all over Sydney are ready to pave the way.

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