The Government is developing a plan to make Australia a global leader in Blockchain technology, although there are questions about whether the initial investment of $100,000 is enough.

In a press release, the Minister for Industry, Science and Technology Karen Andrews says her department will put the money towards "regulation, skills and capacity building, and international competitiveness and collaboration".

"We will work closely with blockchain and technology experts from industry and academia to develop the strategy, as well as with CSIRO's Data61 to incorporate findings from their forthcoming future scenarios report on blockchain," Minister Andrews said.  "In addition, $100,000 funding will come through my department for Australian companies to join Austrade's Mission to Consensus in New York in May, a landmark event for the blockchain industry, demonstrating the Morrison Government's commitment to boosting this sector."

Minister for Trade, Tourism and Investment Simon Birmingham agreed:  "It is vital Australia and our tech companies stay ahead of the game in one of the world’s fastest growing technology sectors.  Austrade's upcoming mission will connect Australian blockchain companies and start-ups with investors and customers with a view to expanding their businesses globally.

It's not clear how far $100,000 can go.  Just last year, IBM won a five-year, AU$1 Billion contract to help Australia make good on its goal to become one of the world's "top-three digital governments" by the year 2025.  That plan includes investing in research into blockchain technology, as well artificial intelligence and quantum computing.