Blockchain tech looks set to be explored by the Australian Government- namely the digital division responsible for delivering welfare payments across the country.
To Australians requiring financial support, the delivery of blockchain technology may resolve some of the systems most frustrating concerns. Advantages of using blockchain based tech for delivering Centrelink payments are clear, especially given the system is seen as something of a hotbed of fraudulent activity, human error and data matching bugs.
The transparency of the automated payment technology marks a time of significant change in the way money is exchanged – one backed by a $700,000 blockchain exploration budget as allocated to the DTA from the Australian government in the 2018-19 budget distribution.
Projected views to use blockchain tech to distribute payments would speed up interaction times, reduce costs and minimize room for human error: where current systems in place mean many recipients are left waiting for weeks before payments are processed for validity, Blockchain tech would verify the recipient almost instantly. As Blockchain data can’t be tampered with, this is an attractive solution to many both in the pre-waiting period for welfare instatement and also those waiting for back payment to be delivered – it would eliminate the grey area around recipient entitlement.
How would it work?
Information recorded by the ATO, Medicare, Centrelink and Child Support Services would only need to be entered once, and data would be retained in one place, rather than in bits and pieces across several agencies. As transferring info between these parties (and other major agencies) is extremely time consuming, the immediacy of Blockchain tech would resolve the need for paper trail cowboys and exchanging information between agencies.
Australia’s government would not be the first to explore the relevancy of blockchain tech in welfare payment disbursal, in fact, an application trialed in the United Kingdom currently reaps the rewards of stepping up to the need for wiser tech investments.
Want to find out more about the companies and start-ups making a profit from the cost- cinching capabilities of Blockchain tech across the country? Our passionate blockchain experts are happy to offer advice and share information regarding blockchain technology and what it represents in the modern business landscape. For more insight, info and advice, talk to our team of experts on 1300 462 562 at Blockchain Australia today!