Definition
Blockchain technology is a distributed ledger technology whereby a database is distributed across numerous users, and changes to the database are validated by consensus among the users. Blockchain technology can be widely applied to improve business processes, increase transparency, and drive the creation of new jobs and industries.
Purpose
Blockchain is an emerging technology for decentralised and transactional data sharing across a large network of untrusted participants. It enables new forms of distributed systems, where participants can find agreements on their shared states without trusting a central authority or any particular participates.
Blockchain usage presents agencies with the potential to create more efficient government processes, assist industry to be more competitive by streamlining regulatory compliance and reduce the risk tied to financial and identity verification transactions.
Objective
An objective for blockchain materials will be finalised through the iterative development of the Australian Government Architecture.
Whole-of-government applicability
A statement on whole-of-government applicability for blockchain technologies will be finalised through the iterative development of the Australian Government Architecture.