Australia block chain live, plan a lot, few major success stories

nnnRampage comment: the current chain of chain technology activities carried out fiery, but the lack of landing projects, so the actual beneficiaries are limited to technical propagandists. However, the Australian chain chain project involves many industries and fields, and even the government is also actively involved. The potential of the block chain has also received the attention of important global institutions such as the World Economic Forum. However, in view of the block-based encrypted currency is frequently attacked, to obtain consumer and supervisor trust is the key to the continued development of the technology.n
nnTranslation: Annie_Xun
nIn fact, the current profit from the block chain only meeting planning.n
nAustralia is always a block chain meeting, but the technology itself is still stuck in the “proof of concept” initial block stage. However, there are still reasons for hope, as Australia has a leading position in various projects around the world, including the CHESS alternative to the Australian Exchange (ASX), AgriDigital’s supply chain traceability solution, and the Webjet chain chain.n
nThe prediction of the impact of block chain technology has made it impossible for us to ignore it. The World Economic Forum believes that 10 percent of global GDP will be stored in the chain in 2027.n
nJeff Schumacher of BCG Digital Ventures says block chains will eventually become more subversive than electricity. PricewaterhouseCoopers said the global block chain technology investment of more than 1.4 billion US dollars.n
nEven the government is involved. Treasury Secretary Scott Morrison is a block chain technology enthusiast, he said, the chain will be the Australian economy to bring “a lot of productivity, security and efficiency.”n
nBlock chain caused a large-scale outbreak of bipartisan cooperation, Labor MP Sam Dastyari and Liberal Party member Jane Hume co-organized the new “Parliamentary Friends of Blockchain” organization.n
nIn essence, the block chain is automatically synchronized with the security database, is not tamper between the parties of the transaction records. So that the parties can in the absence of clearing houses, trustees and banks in the case of safe business contacts.n
nASX is the world’s most profitable exchange, but also lead the development of the global block chain. CHESS alternative projects can be settled in near real-time equity transactions, rather than two days after the transaction.n
nAt this stage is still testing, the final decision is scheduled to be determined before the end of the year.n
nASX’s self-confidence is reasonable because it has invested $ 30 million in the US provider of Digital Asset Holdings.n
nThe securities industry is the focus of the block chain project, the Sydney Stock Exchange (Sydney Stock Exchange) announced the participation of the technology, the Australian-listed Computershare announced the cooperation with the chain chain company SETL.n
nThe bank acted by fearn
nAustralia, Australia, another leader is the entrepreneurial company AgriDigital, last year, the successful use of block-chain technology for the world’s first physical commodity transactions in the actual settlement. And has announced a pilot project to track oats through the supply chain.n
nAccording to the Data61 of the Commonwealth Scientific and Industrial Research Organization (CSIRO), the proven source is one of the most potential applications for block chains. Are particularly important to our food exporters, who can prove that they are producing more income from Australia. The same is the supply chain area of ​​the BHP in the test block chain tracking stone samples.n
nBlock chains need to play a role in the ecosystem, over the past two years set up 25 global industry alliances, of which 13 are financial services. Financial institutions have been the busiest block chain participants because of the fear of block-chain threats to surviven
nCBA and Westpac, together with more than 40 global banking institutions, invested $ 107 million in the R3 alliance for their technology development and reduced costs for banking institutions. NAB and Macquarie quit R3 last year, although Macquarie is still involved in the R3 research lab.n
nInterbank real-time transfer is one of the main opportunities. The current practice is through the 11,000 banking institutions to cooperate with SWIFT, there is a delay. However, CBA, Westpac, NAB and ANZ are pushing forward potential alternative solutions based on the US startups.n
nChange the time is ripen
nThe letter of credit has existed for more than 2000 years. In fact, when answering the question “Romans do for us”, you can join trade finance outside the road and ditch.n
nTrade financing to change the time is ripe, it seems that the chain is the answer lies. CBA performed a great trial, exporting 88 bundles of cotton.n
nOnce the cargo ship arrives at the Chinese port, it will automatically trigger ownership transfer and payment through the block chain intelligence contract.n
nCBA has successfully tried to issue a virtual encrypted bond for Queensland Treasury Corporation, demonstrating the opportunity for the technology to trade debt instruments with relatively poor liquidity. It also works with Colonial First State to test how block chains are used for real-time transactions and settlement, simplifying the inefficiency of managed fund administration.n
nprove yourself n
nThe main obstacle to the rise of block chains is how to verify the identity of the parties involved in digitizing transactions. Australia Post has invested in its own block-chain biometric digital identity solution.n
nAnnounced in May that it would work with the federal government for a $ 40 million digital ID project, GovPass.n
nAustralia’s property rights projects are also involved, and Scentre works with ANZ and Westpac to test block-chain solutions to replace the paperwork process for commercial leasing bank guarantees.n
nThere are also start-ups BlochExchange also want to participate in real estate investment.n
nKPMG said that Australia currently has 579 financial technology companies, the field of financing amounted to 675 million US dollars. Many of which are used in new areas of new solutions, such as loans, payments, personal financial management, wealth management technology.n
nThe chain of chain business is also a lot of financing.n
nThe reason is that the block chain needs the support of the participant ecosystem, and they can be traded on a consistent platform at any time. In this regard need to pay attention to the above mentioned increase in the global traditional participant alliance.n
nOnce ASX, R3 and other large participants to build their own platform, the entrepreneurial company’s opportunity will be real increase. Start-up companies can build their own solutions on their infrastructure.n
nAs a result, some Australian start-up companies have already begun to act, including identity areas of Identitii and Kyckr, to pay for Digital X in the field of alternative assets trading in the field of Othera and anti-piracy field Veredictum.n
nAGL has partnered with Power Ledger to use block chains to let consumers trade solar energy.n
nSpeculation is still flourishing, but before the block chain application, need to prove its safety.n
nAlthough the block chains have some advantages in terms of security, high-profile attacks are based on the block-chain architecture of encrypted currencies (such as Bitcoin and Taitong).n
nIn July alone, $ 39 million was stolen in two attacks. Before deploying a block-chain solution, banks and other organizations will need to let consumers and regulators think they are strong enough and secure.n
nNick Abrahams is a corporate innovation and future speaker, representing Norton Rose Fulbright, a global law firm, to lead APAC’s Innovation Practice. He is a co-founder of LawPath, a member of the Board of Directors of Integrated Research, an ASX-listed software company, or author of “Digital Disruption in Australia”.n

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