Australian Prime Minister on Blockchain technology: There are huge opportunities in financial sectors

Australian Prime Minister stated in a small talk session that blockchain has a huge scope in the banking and Australian Consumer Data Rights domain.

Scott Morrison, the newly appointed Prime Minister of Australia, came out to be a blockchain and cryptocurrency enthusiast. He said that he has done a lot of research on this domain and finds huge potential benefits.

Scott Morrison stated that he had a crypto portfolio and has plans for the banking sectors. He said that blockchain might not be the exact answer to the existing problems but Distributed Ledger Technology will be the answer to Australia’s upcoming Open Banking Reforms and areas of Consumer Data Rights. He said that these will not only help give big banking sectors a tough competition.

According to the PM, open banking legislature will allow only select individuals to access data, only with consumer’s exclusive consent and only for the purpose consented by the customer.

Australia has also shown significant progress in blockchain applications. Australian cybersecurity firm Secure Logic developed a blockchain powered technology which is expected to be a key architectural component of electronic vehicular license. This will also be used to identify vehicle owner by police as well as gain entry into bars and clubs. With over 14,000 licensors having the option of using blockchain based vehicular license, this prototype is ready to go live in November.

Prime Minister Scott Morrison in a recent interview:

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