Blockchain, AI, IoT and 5G will add another $ 30 billion to the Sydney economy in 10 years, Digital Realty said

The combination of artificial intelligence (AI), blockchain, Internet of Things (IoT) and 5G technology will contribute more than A $ 30 billion to Sydney's economy by 2029 - according to new research from Digital Realty.

According to the IT Brief Australia report, the data center operator argues that Sydney is leading Australia in adopting digital technology. As of 2019, emerging technologies currently contribute A $ 6.66 billion to the Sydney economy, with IoT accounting for only half of that amount.

By 2024, four combined technologies are forecast to increase to A $ 16.02 billion per year. The biggest growth, in absolute terms, is expected to come from AI.

Mark Smith, CEO of Digital Realty Asia Pacific, said technologies of technologies such as AI, IoT and blockchain have been used in various industries and the use of 5G will develop. along with the deployment of commercial networks across Australia. With a highly qualified workforce, great concentration of universities and research institutes and excellent communication infrastructure, Sydney should strengthen its position as a major digital economic center. of the Asia Pacific region.

Regular readers of this publication will see Australia's recent push towards blockchain technology development.

In February, the Australian government published a roadmap document showing how the country could leverage capital from blockchain over the five years Time. The report notes that counterfeiting and product replacement cost the Australian food and wine industry more than AU $ 1.68 billion in 2017. The landscape in Australia is now financially heavy, with improvements Good is expected in areas such as retail, health care, housing and forestry and fishing. Later this month, the Australian National Stock Exchange teamed up with fintech provider iSignthis to develop a blockchain-based payment and clearing system.