The use cases for the implementation of blockchain technology are being explored across multiple industries, from insurance, banking to real estate and much more.

In yet another such development, Australia Post, the Australian government-owned entity, is considering blockchain technology to store digital identities, hoping that it will transform its service provision, The Australian Financial Review reported. The company is said to be looking at the technology from research and development point of view.

"The future is going to be a digital identity, so that when you say who you are, I can tell who you are," Australia Post chief executive Ahmed Fahour said. "A lot of people are thinking about blockchain from a financial services point of view but the reality is it has much wider applications."

Fahour also pointed out that Australia Post handles more than 90 percent of Australian passports, adding that it’s “logical” for the company to be able to handle not only physical ID but also digital IDs.

However, this not the first such effort in the country focused on blockchain technology. The Australian Securities Exchange (ASX) has been showing interest in using blockchain technology in the country’s financial system. It has announced that it will develop solutions for Australia’s post-trade equity environment using distributed ledger technology. It has selected blockchain startup Digital Asset Holdings as its business partner for this initiative and recently invested $14.9 million in the company’s latest funding round.

ASX chief executive Elmer Funke Kupper told the AFR that using blockchain  could take $5 billion out of the cost of buying shares.