Why Bitcoin is here to stay
The real game changer of Bitcoin is the underlying network of highly secure computers that support it. These computers run a new form of database called “blockchain.” Blockchain technology enables money and data to move without having to rely on a trusted middleman. It’s truly revolutionary. Already more than $3 billion a day is transacted across the Bitcoin network without the need for a central clearing authority. That has never happened before and it makes Bitcoin a unique asset. Software developers across the world are building applications designed to piggyback off this network. Over the next few years we’ll begin to see a host of new applications emerge for Bitcoin and the network […]
CBA ramps up blockchain
Commonwealth Bank is close to completing more blockchain projects, after it delivered the world’s first blockchain bond with World Bank in August. Speaking at SIBOS, Sophie Gilder who is CBA’s head of experimentation and commercialisation for blockchain, embodied AI and emerging technology said CBA has a portfolio of blockchain projects. Some of these are at very early stages where the bank is trying to determine if they are worthwhile to take forward or not. Others are at a pilot stage where the bank has been through successful proof of concept, has demonstrated the feasibility of the technology being applied to a particular problem and is taking the project to the […]
Buzzing trend of Australian FinTech – ASX intends blockchain setup for settlements
There has been a five-fold rapid surge in the number of FinTech startups in Australia over the past 5 years and the sub-sectors encompassed have become more diverse, as per the reports of KPMG. Investment in the Australian FinTech sector has risen remarkably as the Australian FinTech ecosystem is becoming increasingly diverse. It is reported that on the successful launch of the world’s first blockchain-based fixed income product. The World Bank, Commonwealth Bank of Australia (CBA), and other investors made the initiative possible, which stemmed in the bond-i raising more than $80 million. While Australian Government’s 2018-19 budget has allocated $530,000 for blockchain research under the Digital transformation Agency (DTA) […]
Australia’s ‘first’ blockchain lender sets sights on mortgages
Australia’s “first” blockchain lender, which is set to launch next year, is offering a crowdsourced funding equity to brokers. Australian Mortgage Marketplace (AMM), co-founded by industry stalwarts Graham Andersen (CEO) and Kym Dalton (COO), has pledged to “overhaul” the Australian mortgage market with the “biggest change since the GFC” by funding prime loans on “Australia’s first mortgage securitisation blockchain”. According to the wholesale lender, which aims to be backed by major investors and industry super funds, its “Carbon” securitisation platform will leverage distributed ledger technology to deliver the benefits of increased transparency, security and automation. Its operating efficiencies will also reportedly present “pricing benefits” for Australian borrowers, enabling partner brokers to […]
The Perth women making your life better with technology
While most of the world is still coming to grips with just what blockchain is there are two West Australian women who have poured everything they have into taming the digital beast to tackle real world problems and improve everyday life. Blockchain is the underlying technology behind cryptocurrencies like Bitcoin, but across the globe entrepreneurs to huge multinationals are exploring its use in other areas like financial services, energy and education. In its simplest form a blockchain is a digital transaction record that isn’t stored on any one computer. This decentralisation means once a transaction is recorded it cannot be tampered with, making the technology attractive to banks and finance […]
Identitii lists on ASX
Identitii Limited (ASX: ID8), an Australian FinTech enabling the secure overlay of transaction level detail on top of financial messages using a private blockchain, commenced trading on the ASX today at 11.00am AEDT. The listing follows a fully underwritten $11 million raising at $0.75 per share. 14,666,666 shares were issued for an undiluted market capitalisation at listing of $40 million. The Company is also pleased to announce the appointment of Clare Rhodes as Chief Marketing Officer and Mark Garvie as Chief Commercial Officer. Funds raised from the IPO will go towards further development and commercialisation of Identitii’s platform, already in use at a global bank, as well as to appointing […]
What is Ethereum and who is Vitalik Buterin?
Beginnings of the Ethereum Universe Launched on 30th July 2015, Ethereum is a cryptocurrency based on the blockchain. Founded by Vitalik Buterin and Joseph Lubin, it is sometimes considered a second version of Bitcoin. Though Bitcoin and Ethereum are both decentralised currencies based blockchain, there are significant differences between the two. What’s the difference? A good way to understand the differences between the two is to recognise that each have their own goals and purpose. While Bitcoin was and still intends to be a digital currency based on the blockchain, Ethereum has sought to create an entire network within itself. In fact, each Ether can be designed to represent a […]
Superannuation ripe for blockchain
Australia’s $2.7 trillion superannuation system has a lot to gain from adopting distributed ledger technologies (DLT), but the industry will want more clarity around blockchain applications before it jumps in. Bravura Solutions global head of wealth management product Michelle Lusty says blockchain and DLT will find success in wealth management once they begin to offer a compelling business case while improving inefficient links in the value chain. “In core superannuation admin the margins are not excessive, so you have to look across the value chain for opportunity within the margins. “Where DLT could potentially make a positive difference is in superannuation investments. Within super, there’s a fund structure that invests […]
