Published
3 years ago on
November 04, 2020
quick take
1 minute read
- Andrew Bragg, a liberal senator in Australia believes that the power of blockchain technology could help solve a number of regulation problems in the nation.
- As a serving Senator for New South Wales since 2019, Andrew is proving to be pro blockchain and one of the biggest officials in the country to support the industry.
Andrew Bragg, a liberal senator in Australia believes that the power of blockchain technology could help solve a number of regulation problems in the nation.
As a serving Senator for New South Wales since 2019, Andrew is proving to be pro blockchain and one of the biggest officials in the country to support the industry.
According to him, the power in blockchain could become a useful technology when it comes to reducing the complications for financial regulatory compliance and transparency. Speaking at an online panel of the future of financial services 2020 conference, the senator said that the “future is technology by blockchain.”
He further said that instant cross-border transactions through blockchain technology could be the solution to one-touch government with “international transactions in real-time“.
When it comes to regulation and fraud, he believes that a blockchain has the power to significantly help with these issues and he also mentioned problems associated with time zones. He further went on to say:
“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.”
During the conference, Bragg also highlighted the importance of expanding Australia's global competitiveness in the financial sector, particularly with regard to Singapore.
For many years now, people all around the industry have been by the way of the power of blockchain and what it brings to the table. In 2020, people have become more aware of the nascent technology and have been adopting it as such.
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