What are the potential uses for emerging blockchain technologies?
When you say the word “blockchain” most people jump instantly to cryptocurrencies, but this is just one of the many uses for the new technology. Blockchain isn’t just a form of online currency, but in fact is a security and information storage system with a number of potential applications that are encouraged by incubator companies such as Block8. What is blockchain? A blockchain is a list of linked records (like blocks in a chain) that are linked through cryptography. A block cannot be modified, however new blocks can be added to the chain with new information. The chain thus contains a record of all modifications that have been made to […]
Blockchain boost as HSBC links Australia and China
Blockchain has long been cited as one of the upcoming technologies to solve many of the world’s current financial problems when it comes to cross-border trade, and it appears to have taken another step forward this week as HSBC confirms it has been able to link a transaction between Australia and China. The development is based on the use of a Letter of Credit (LC) format, which is typically a paper-based format that makes up a significant proportion of trading in China and being able to digitize this is expected to create plenty of savings in terms of time and invested resources. HSBC set up the link between two of […]
Is the future of Artificial Intelligence tied to the future of Blockchain?
Since the beginning of modern times, each industrial revolution was driven by different automation. While factory machines and fossil fuels drove the previous industrial revolutions, the on-going automation revolution is based on data-driven artificial intelligence (AI). Understanding its impact and what will be required to support the AI-driven automation revolution is a fundamental necessity. So, as we evaluate the impact and the support needed to harness this automation revolution, it seems that at the center of this revolution is the growing need for computing power. There are indicators that raw computing power is on its way to replacing fossil fuels and will be the most valued fuel in the rapidly […]
Digital Commerce Association and Blockchain Australia to merge
The Australian Digital Commerce Association (ADCA) and Blockchain Australia have announced plans to merge the two organisations to create what they say will give them a stronger and consistent voice advocating for the blockchain community in Australia. According to the industry bodies, bringing the two organisations together will allow the whole Australian blockchain community to speak more clearly and consistently to key stakeholders including governments and regulators and “will strengthen the connections between all parts of the Australian blockchain ecosystem”. Traditionally, ADCA’s focus has been on businesses utilising or investigating blockchain technology – from start-ups to SME’s and through to corporates – and it has worked with regulators and policy […]
Australian banking giant ANZ fails to understand Blockchain Technology
Australia and New Zealand Banking Group Limited (ANZ) — Australia’s third-largest bank by market cap — doubts blockchain technology’s ability to provide trustless transactions, at least for now. Additionally, the firm acknowledges the benefits of the technology but claims banks don’t need to make the switch. Could ANZ be any more wrong? After curiously examining distributed ledger tech, ANZ associate director of trade and supply chain product Maria Bellmas, stated the futuristic technology is far from becoming the main method of executing trusted payments. Taking another jab at blockchain, Bellmas claimed most of the hype surrounding the technology is created by “crypto fanatics” trying to find comfort in the ongoing bear market. […]
Cutting through the fog: FinTech and the future of financial services
Emerging technologies such as blockchain, cryptocurrency and artificial intelligence are disrupting the landscape of the financial services industry, participants of Swinburne’s Financial Technologies (FinTech) panel discussion will hear. Renowned FinTech leaders will come together at Swinburne University on April 5 to discuss the trends, challenges and opportunities of FinTech in Australia, moderated by Director of the Master of Financial Technologies, Dr Dimitrios Salampasis. Dr Salampasis says the diverse backgrounds of the panellists will allow for rich and varied discussion about the future of FinTech and how they expect it to develop in their fields. “Hearing from leaders of the Melbourne FinTech and business ecosystem will give the audience insight into […]
RepuCoin secure blockchain defends against attackers
In what its originators have billed as a ‘world first’, a secure blockchain has been developed that they claim can defend against malicious activity. Monash University researchers are part of an international team that created the system, which, it is claimed, can successfully block malicious activity by attackers who possess more than half of the system’s computing power. The system, RepuCoin, introduces the concept of ‘reputation’ to blockchain, supposedly making it thousands of times more expensive to attack than Bitcoin. Its creators claim it has the potential to be applied in a number of global sectors including fintech, energy, food supply chains, health care and future 5G telecommunications networks. RepuCoin’s […]
Blockchain payment solutions that simplify travel transactions
Fenex – a blockchain-powered payment and services solution for the travel and hospitality industry that provides a network of payment products to simplify B2B travel transactions. Fenex’s range of products will serve travel agents, hotels, airlines and tourism experience providers looking to speed up payment settlements, automate processing, reduce transaction fees and generate additional revenue opportunities. These products include the patent pending blockchain powered digital business to business payment platform (dB2B), BlocRec, and BlocTic, among others. Today, the current structure of the credit card issuance and acceptance costs in the hospitality industry can be as complicated as a 16-step process. Fenex is out to simplify this for its partners, offering […]
