Blockchain Technology: To Boost Sydney Economy by over 80%
Blockchain and Cryptocurrency are two of the recent innovations which are changing the global equation fast. Both of these concepts are getting huge adaptation and in the coming days will revolutionize different businesses and fields. According to recent data, nascent technological ideas such as Artificial Intelligence, Blockchain Technology, Internet of Things, and 5G are set to transform Sydney’s Economy very soon. If recent reports are to be believed a whopping 32 billion will be injected in the economy in the coming few years, which is over 80 percent of the present situation.
Already for many countries, Blockchain is the next big thing after the Internet. In the early 90s internet changed the lives of millions around the globe, Blockchain is doing the same now in many places. Lesser-known nations such as Hong Kong and Malta are already strengthening their economic positions by embracing the new technology – Blockchain. China has recently introduced new law protecting cryptocurrency inheritance, showing full support to this new concept. To bring in new technological innovations, Blockchain is undoubtedly the next big thing. Slowly but steadily this new sensation is getting much-needed attention.
Sydney is leading the race in nascent technology adoption, the reason why its economy will see a massive boost in the coming few years. Sydney is already the leading hub in the Asia Pacific for Education, IT and Banking industry. Over 65 percent of Australia’s accounting and financial services are in this part. Blockchain technology which is believed to be the next big thing is gearing up to transform Sydney. For rapid economic growth, technological innovations are the most important thing, there is no doubt whatsoever. What’s more, the world economy is shifting rapidly to online work mode; emphasis on new and emerging technologies will only get bigger with time.
Transformative technologies such as Artificial Intelligence, Internet of Things, 5G with Blockchain technology are driving innovations at a rapid pace. These technologies have already contributed to around $6 billion to the economy as of now. This trend will only increase from now onwards, making way for new possibilities and opportunities. According to experts, these four new digital technologies will induct over 20 billion to Sydney’s economy in the next five years. This will in turn translate to around 140 percent growth. By 2029 these technologies will increase its contribution from 3% to over 5%.
Of all the above-mentioned technologies, Blockchain and Artificial Intelligence are expected to be the main contributor by adding a huge sum by each year. Artificial Intelligence’s main lead will be 5G which will bring around 22 percent growth, Blockchain technology is expected to bring 20 percent and Internet of Things to contribute 18 percent.
Sydney is today the hotbed for all technological innovations. Major industries around the world have started adopting Blockchain technology and Artificial Intelligence, 5G facility will fast process in the mainstream industry in the coming few years. With extraordinarily qualified researchers and talented pool of developers, Sydney is positioned perfectly to emerge as the next big digital economic center in the whole of the Asia Pacific region.