Data61 reports blockchain will have a profound impact on the economy
A scientific study of blockchain by the CSIRO’s specialist Data61 unit has found the management of supply chains, including trade finance and insurance, as a “highly promising” use case for the emerging technology, which will enhance productivity across the agriculture, banking, healthcare, logistics and public sectors and help business and government manage the deluge of data about to be unleashed by the internet of things. But two reports to be released on Wednesday also point to various limitations of the much-hyped technology, warning it could compromise privacy, breach confidentiality, and create security concerns should encryption ever be broken by faster computing power. Data61’s reports are the product of almost a […]
Why Australia needs to champion an open system for blockchain
American astronomer and educator Clifford Stoll wrote an article in 1995 called ‘Why the Web won’t be Nirvana’. It still gets passed around as an amusing discussion piece highlighting the doubts people had about the internet. Stoll was sceptical about the web, especially “cyber business”: “So how come my local mall does more business in an afternoon than the entire Internet handles in a month?” The Clifford Stolls are still out there. You’ll find some of them these days expressing doubts about blockchain technology. But plenty of very reputable and smart people have recognised blockchain could be the building block for something truly transformative, as revolutionary as the internet. This […]
Bitcoin move over – there’s a new kid on the blockchain
The digital currency bitcoin has broken new records – surging by more than 245 per cent since the start of the year. In just five months, the price of one bitcoin rose from $1,331 to its all-time-high of $3,894 on May 25. People buy bitcoins for all sorts of reasons. They range from those seeking to invest in safe haven assets in the face of political instability, speculators wanting to ride the wave of what some regard to be an asset bubble, to purchasers who want to purchase illegal goods anonymously on the dark web. Since mid-2010, when the highly-volatile currency was worth just 9 cents, it has surged by […]
Vic govt eyes blockchain’s potential
The Victorian government has become a member of Australian Digital Currency and Commerce Association (ADCCA) through the Department of Economic Development, Jobs, Transport and Resources. The government is looking to partner with the organisation “to explore the potential application and impact of blockchain across the economy, including but not limited to the financial services, health and food sectors,” the state’s minister for small business, innovation and trade, Philip Dalidakis, told Computerworld. Blockchain is the distributed ledger technology (DLT) that underpins Bitcoin and similar cryptocurrencies. “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 […]
What is Blockchain Technology and why is it so popular
In 2008, a cryptographer named Satoshi Nakamoto—a name used by the unknown person or persons—invented Bitcoin. It is a digital currency that enables people to conduct peer-to-peer transactions without the help of any third party such as banks. Whenever we do any transactions, it happens through a third party such as a bank and regulatory laws, but in the blockchain schema, these transactions happen securely but anonymously without the involvement of any intermediaries. So you might ask how the current transactions are happening online with debit and credit cards? Current transactions happen through electronic intermediaries where we depend a lot on the third parties for trust and fraud detection. More […]
Winners at The Finnies!
Congratulations to those Australian Fintech companies and their fearless leaders who won awards last night at the inaugural Finnies Fintech Awards: Female Fintech Leader of the Year: Emma Weston, AgriDigital Co-Founder & CEO Joint Male Fintech Leaders of the Year: Greg Moshal & Beau Bertoli, Prospa Co-Founders Fintech Organisation of the Year: Afterpay Emerging Fintech Leader of the Year: Emma Weston, AgriDigital Co-Founder & CEO Emerging Fintech Organisation of the Year: Spaceship Best Fintech place to work: Prospa Best workplace diversity: Timelio Marketing Campaign or Brand Initiative of the Year: Equitise – Equitise Bubble Excellence in establishing Market Presence (Australia): BrickX […]
Tech bounty to outstrip negative cyber-effects
The international ransomware attack this month that ensnared more than 150 countries — including Australia — brings to mind an intriguing question: can we afford to openly embrace digitalisation? Anthony Wong prefers to approach the conundrum from the opposite direction: can we afford not to? As president of the Australian Computer Society, Mr Wong is constantly told of the risks of digitalisation: robots replacing workers, disrupters pushing industries to extinction and personal data shipped off to the highest bidder. While he doesn’t discredit those fears, he reckons such concerns are outweighed by the opportunity to find solutions, adopt new skills and create fresh industries. “Artificial intelligence, robo advice, driverless cars, […]
Australian blockchain delegation heads to New York
Australia’s blockchain capabilities and technologies will be showcased to global leaders and investors at Consensus 2017 in New York from 22-24 May. A 26-member Australian delegation will be heading to the event to present globally competitive and innovative solutions across the spectrum of industry applications, from digital currencies and payments to agricultural supply chains, smart contracts and identity management. Consensus 2017, now in its third year, has become a landmark event on the blockchain calendar. The event attracts global professionals from leading industry startups, investors, financial institutions, and academic and policy groups who are building the foundations of the blockchain and digital currency economy. Nicola Watkinson, Austrade’s Senior Trade and […]
