Australian Government Report: Blockchain technology builds a secure traffic data communication system to improve the operation mode of the transportation industry (Download the full report)

The National Transport Commission (NTC) of Australia recently released a report on land transport management in 2040. The report stated that blockchain technology can change the existing transportation mode.

Reforming transportation patterns

The report, titled 《2040年陆路运输管理》（Land Transport Regulation 2040） aims to explore future land transport regulation methods.

The NTC will hold an investor meeting in November to study the feasibility of the report.

The report states that new technologies can enable "a more equitable, transparent and stable model for transport pricing and investment". However, this is only possible if the technology can establish and maintain a trusted, interoperable and secure data communication system. At the same time, the system should also take on external communication responsibilities, such as communication between the transport industry and other service providers.

The report also quotes industry experts:

Blockchain technology is one of the options. As society's requirements for trust and verification increase, it is only a matter of time before blockchain technology is used for P2P and machine-to-machine transactions. It can also ensure the security of transportation systems.

Other advantages of blockchain

Many industries have begun to explore the application of blockchain technology, especially in the financial field. Many banks in Australia are also studying blockchain to reduce transaction costs and increase transaction speed and efficiency. In August this year, Australia Post selected three major blockchain technology use cases, including identity authentication, electronic voting and registration.

This technology has great potential and its applications are not limited to the financial sector.

Elmer Funke Kupper, CEO of the Australian Stock Exchange (ASX), said:

Sometimes something comes along that changes everything. We are in a similar phase right now.

Since the beginning of the year, Blythe Masters' Digital Asset Holdings (DAH) has established a partnership with the ASX to help them develop a new blockchain settlement system.

Bitcoin Regulation

At the beginning of the year, the Australian government promised to eliminate double taxation on Bitcoin. In September this year, the Australian Treasurer began discussing the digital currency taxation framework with the Fintech Advisory Group.