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:
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
In the rapidly evolving landscape of web-native payments it has become clear that new infrastructures…
A New Era for Global Trade: Alibaba Taps JPMorgan's Blockchain Global commerce has long been…
The Promise of Web3 Meets a Centralized Reality Web3 was built on a revolutionary promise:…
Bitcoin's Sudden Plunge Shakes the Crypto Market The cryptocurrency market is awash in red after…
Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…
As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…