Australia’s Prime Minister, Scott Morrison, has thrown his support behind plans to create a major blockchain precinct in Adelaide.

The ‘blockchain hive’ is planned as part of a massive technology and innovation hub being built on the site of an old hospital in Adelaide’s CBD.

The South Australian Government is seeking federal funding for the project, known as Lot 14.

At a press conference in Adelaide today, Scott Morrison backed the proposal.

“When state’s have great plans of course we want to play and role,” he said.

“We’re working through the details, we’ve had a lot of progress on that and I suspect we’ll be able to get to an arrangement on that by the end of the year.”

Earlier this month South Australia’s premier, Steven Marshall, first revealed his Adelaide blockchain ‘hive’ vision.

“I see blockchain as a future technology that will go across every single industry,” he told the Australian Financial Review.

“There is no compelling reason why South Australia can’t be a leader in this field.

“Blockchain is a new wave of technology, which I think will have profound effects upon the way we do all business across the world, and because it’s at that early stage I think South Australia has got this unique opportunity.”

American defence and aerospace company, Lockheed Martin, along with an artificial intelligence research institute have committed to moving to the technology hub next year.

At this early stage, its understood no blockchain companies have formally committed to making the move to South Australia.

What does Scott Morrison really think about blockchain technology? Click to read Micky’s recent article.