PNG recognises blockchain potential

The world is currently experiencing a digital revolution that is transforming the way we interact and do business.

Speaking at the Blockchain Pasifik Conference today, the Treasury Department Secretary says the blockchain technology has the potential to become an important driver in PNG.

Blockchain technology is the backbone of a new type of internet where digital information can be distributed but not copied.

Blockchain was originally devised for the digital currency, Bitcoin, but other potential uses are now being found for this technology.

At today’s conference, the Secretary of the Department of Treasury said the Government recognises that if PNG is to capture the benefits and opportunities presented by blockchain, they must be prepared to jump on the bandwagon.

“But if we are to fully harness the digital revolution, governments must work in partnership with the private sector,” Vele said.

“As government we need to understand how this technology will impact our social and economic circumstances and plan the best way forward.

“Most importantly, we must ensure that our citizens can effectively respond to any threats that may result from a new technology.”

Vele further credited the internet for enabling a successful negotiation of the undersea broadband internet cable from Australia, with the Australian and Solomon Islands governments.

Meantime, the Blockchain Pasifik Conference started today in Port Moresby and will end tomorrow.

Carmella Gware