An Australian senate committee has published a report calling for a blockchain-based national land registry, better clarity over laws relating to smart contracts, and continued efforts to establish international standards for DLT.
The Select Committee on Australia as a Technology and Financial Centre’s second interim report offers 23 recommendations spanning blockchain, consumer data, and corporate taxation.
Five recommendations deal specifically with blockchain and digital assets, including that the Council of Financial Regulators Cyber Working Group takes into account international data standards.
The committee recommended that National Cabinet consider supporting a blockchain-powered national land registry as a pilot project for Commonwealth-State cooperation on “RegTech’ to highlight ways to streamline administrative processes in both the public and private sectors.
“The committee was particularly impressed with the potential for blockchain to drive efficiencies in the area of land registries, and is recommending that this issue be further explored in the context of the National Cabinet.”
Zooming out, the committee noted there was a need for more