The Victorian Government has joined as a member of Australian Digital Currency and Commerce Association (ADCCA) in a move to explore the potential applications of blockchain technology across the economy, Computer World, reported.

It has joined through the State Department of Economic Development, Jobs, Transport and Resources. According to the state’s minister for small business, innovation and trade, Philip Dalidakis, together with the association and its members, the Government will explore blockchain applications in sectors including financial services, health, food industry, to name few.

“Backed by the strength of our digital technology sector, Victoria’s fintech sector and its capabilities are growing, and so is our global reputation for developing innovative solutions using blockchain, cyber security and wealth management technologies,” Dalidakis told ComputerWorld. “Through the ADCCA we are connecting Victoria's fintech startups and entrepreneurs to the Global Blockchain Forum, a platform that facilitates collaboration between the world's leading digital currency and commerce associations — the United States, United Kingdom and Singapore.”

The minister also added that a number of fintech startups have created their grounds in Victoria including Timelio, Assembly Payments, Moula, Sixpark and Clover. He said that the announcement will give these growing fintech startups and entrepreneurs, the best possible chance for growth and success.

Australia has been the country that is always embracing the blockchain technology in various sectors. The Commonwealth Bank of Australia recently revealed details of a number of experiments it has conducted with blockchain, including issuing bonds and cotton global trade transaction with Wells Fargo and Brighann Cotton, last year.

Apart from this, the Australian Renewable Energy Agency (ARENA) is supporting a blockchain trial that could enable households and business to trade or share power with one-another.