Government urged to test blockchain’s potential
Blockchain technology might help prevent a repeat of the Centrelink data-matching disaster, says investment banker turned business professor Christine Helliar. Blockchain is the technology behind cryptocurrency Bitcoin, but is increasingly viewed as having applications elsewhere in business and government. In simple terms, blockchain is a tamper-proof digital ledger that keeps a continuous record of all transactions that take place. Each transaction is time stamped and stored as part of a detailed history that builds up over time. The information can be shared among a network of computers.Professor Helliar, who works for the University of South Australia, said blockchain could be used to link all tax and welfare payments, reducing the […]
Australian FinTech will exceed AUD $4 Billion by 2020
A new report has found that FinTech revenue in Australia is predicted to grow at a compound annual growth rate (CAGR) of 76.3 percent and exceed A$4 billion by 2020. The research, Australian Fintech, Forecast for 2020, found that this increase was down to a reduction in taxes on investments in startups, tech-savvy digital individuals, and a rise in mobile payments. According to Research and Markets, in 2015 the Australian FinTech market produced A$247.2 million with 2016 generating further growth and 2017 predicted to continue the upward trend. The research found that there are three areas that financial technology services are focusing on in Australia that will grow by 2020: […]
How automation is shaping fintech plans
Digital innovation and partner collaboration are key. A new industry report calls for investment banks to take advantage of technological innovations by optimising outdated operating models, improving automation and undertaking a digital transformation. Australian consultants EY’s Capital Markets: building the investment bank of the future report reveals that, despite continued efforts to reduce costs, investment banks are becoming less efficient. These institutions remain reliant upon maintaining decades-old, complex and inflexible IT infrastructure. The report suggests banks can do more to enhance their business by harnessing fintech innovations. For example, over the short-term investment banks can develop robotic process automation (RPA) and advanced analytics to sort through large amounts of data. […]
Bitcoin tipped to replace gold as portfolio staple
Digital currency is increasingly being seen as serious asset class, but investors need to get in soon to mine the opportunity, says a Silicon Valley-based entrepreneur. Speaking to InvestorDaily from San Francisco, Australian-born entrepreneur Michael Dunworth, CEO of Wyre and a former staffer at Midwinter Financial Services, said professional investors and advisers are waking up to the bitcoin opportunity following strong market performance. “Bank of America, hedge funds and high-net-worth individuals – they’re all getting into digital currencies as part of their diversified portfolio,” Mr Dunworth said. “There’s no getting away from it. It has been one of the best performing assets for the past five years, with no serious […]
Cybersecurity takes prominence alongside Blockchain Technology in 2017
The new year, 2017 started with a bang. Bitcoin price surpassed its previous high by increasing beyond the $1100 mark. The popular cryptocurrency’s underlying blockchain technology and its applications in fintech and other sectors is expected to peak during the year as well. While Bitcoin and Blockchain continue to scale new heights, the Bitfinex hack, ransomware attacks and other security breaches aren’t forgotten. The massive DDoS attack that almost disrupted the internet is also fresh in everyone’s memory. After making it through an eventful year, Bitcoin companies, banking and financial institutions, governmental organizations and other businesses are increasing their focus towards cybersecurity. According to reports, the increasing importance towards cybersecurity […]
Bitcoin rises to record on currency controls
Bitcoin hit an all-time high overnight, according to Bloomberg data, thanks to continued adoption in China and other parts of the world where traditional currencies are tightly controlled. The digital currency, which just turned eight years old, reached $US1140.64, which was higher than the $US1137 it hit in November of 2013. In December, bitcoin also surpassed its previous all-time high in total market capitalisation, which now exceeds $US16.1 billion. The latest increase was driven by capital or currency restrictions in countries ranging from China to India and Venezuela, where people purchased bitcoin to protect their savings, as well as increased adoption by investors. The digital currency beat every other currency, […]
5 enterprise-related things you can do with blockchain technology today
Diamonds. Bitcoin. Pork. If you think you’ve spotted the odd one out, think again: All three are things you can track using blockchain technologies today. Blockchains are distributed, tamper-proof, public ledgers of transactions, brought to public attention by the cryptocurrency bitcoin, which is based on what is still the most widespread blockchain. But blockchains are being used for a whole lot more than making pseudonymous payments outside the traditional banking system. Because blockchains are distributed, an industry or a marketplace can use them without the risk of a single point of failure. And because they can’t be modified, there is no question of whether the record keeper can be trusted. […]
A great fintech border invasion
If ever there were a banking niche ripe for disruption, it would be cross-border payments. It almost defies comprehension that Amazon can deliver physical goods faster than a bank can make a credit entry. The reason, of course, is that remittances still meander through the 600 year-old correspondent banking system, which requires six players to link up to achieve the final outcome — the payer, the payer’s bank, the payer’s bank’s correspondent, the beneficiary’s bank’s correspondent, the beneficiary’s bank and the beneficiary. The system is clunky, opaque and extremely costly for users. Fintech was always going to find a better solution, and the machinery is now in place for far-reaching […]
