By Guest Author : Kate Yong , Australia
There is a lot of hype attached to blockchain right now and Australia is not missing out either. Just last month, the Australian Securities Exchange (ASX) has announced it would the first global market to replace its existing clearing system with blockchain. Also known as the distributed ledger technology (DLT), ASX has been developing this technology for more than two years already with the aim of reducing transaction costs and increasing security. With data transitioning from being in a single location to being in multiple locations and being independently recorded, distributed, and verified, millions in savings are expected in the long run. The timeline for this transition will be announced by March 2018 positioning the ASX as pioneers in financial markets innovation.
As much as AUD$44m is channeling into blockchain in Australia so far with more funds being expected. This includes from the likes of NEM.io Foundation that is deploying AUD$14m of the AUD$80m worth of its global blockchain development fund into Australia. NEM.io is a non-profit organization promoting the use of its own NEM blockchain technology and is looking for start-ups in Australia to utilize its blockchain. NEM.io also holds one the top 10 most favored cryptocurrency, XEM. The rest of the AUD$30m fund is being raised by Apollo Capital whose founder includes Wall Street expert Henrik Andersson as their chief investment officer. Apollo Capital offers investors a safe and well-informed way to enter crypto and blockchain assets in the Australian capital market.
The Australian government is not getting left behind and announces an Austrian Dollar(AUD) $8.6M investment in blockchain to enable digital emission trading scheme. By enabling households to trade generated solar power automatically, huge savings are expected as well as being able to solve shortages. Run by Power Ledger, a Perth-based firm, this project will kickoff in Fremantle, Perth with aims of bringing it all across the continent. It is also interesting to note that Power Ledger made history by being Australian’s first to raise AU$18.9M in capital through its initial coin offering on the Ethereum cryptocurrency network.
Early last year, Australia Post started collaboration with ecommerce giant Alibaba and health supplements company Blackmores to enable traceability of food products sold. This includes exploring the viability of blockchain technology in mapping out the entire food supply chain journey to increase security and transparency for both consumers and producers.
Many are definitely feeling bullish about the direction blockchain technology is heading and yet there will be a lot of hit and miss expected. One of the most critical areas would be the encryption part of the blockchain technology and ensuring that it is not crackable.