Blockchain technology

Read the paper Blockchain technology

Over the past few years there has been considerable media and investor attention in Bitcoin and other cryptocurrencies. Generally, the challenges of cryptocurrencies are within the purview of the Commonwealth Government: for example, its tax treatment or the development of a digital Australian currency. However, the technology that underpins this and other emerging digital currencies—the ‘blockchain’—may become of importance to State Parliaments in the future. Nevertheless, there remains considerable confusion and misunderstanding around blockchain technology. Essentially, a blockchain is a type of ledger; namely, something that is used to record transactions such as money and property. Demystifies the blockchain by explaining how it works, outlining current and potential uses, as well as noting the potential risks and challenges this technology may pose to policymakers.

This paper aims to demystify the blockchain by explaining how it works, outlining current and potential uses, as well as noting the potential risks and challenges this technology may pose to policymakers.

Chris Angus
Parliamentary Research Service
Research Snapshot 1, 2018

Published: 5 June 2018