Blockchain to revolutionise online transactions
IT’S only been around for eight years, and has started life with a reputation sullied by drug dealers and online vigilantes, but there’s a new technology on the rise which could revolutionise how we transact online. And whether it leaves a swath of destructive disruption among large, incumbent businesses — think banks and share registries — in its path is yet to be seen, although it has been widely predicted. Blockchain is the technological innovation which underpins the cryptocurrency Bitcoin. So far Bitcoin has proven to be unhackable and untraceable — a key benefit if you are, for example, running the world’s largest online drug marketplace, a la the Silk […]
Global regulators attuned to blockchain risks
The use of blockchain in financial services would need to be carefully regulated with access restricted to only approved participants and institutions may be required to use kill switches to stop computers automatically executing in times of stress. Greg Medcraft, who has just relinquished the chair of the International Organisation of Securities Commissions (IOSCO), told The Australian Financial Review that blockchains must be able to operate with each other and the financial services companies that use them will have to stand behind the technology in case it fails. Mr Medcraft was commenting on the principles guiding global regulators’ assessment of emerging blockchain technology which have been set out for the […]
Bitcoin available over the counter at a newsagency near you
Two Australian tech start-ups are launching an over-the-counter platform for selling Bitcoin making it available to everyday consumers and providing online retailers and the newsagents offering the service more income streams. It means Australians will be able to buy Bitcoin over the counter with cash for the first time. The technology is being deployed to about 1200 newsagents nationally effectively making them Bitcoin bank outlets and giving many in the struggling industry a new strand to diversify their revenue. There are currently Bitcoin exchanges in Australia which facilitate online transactions and transfer money but no over-the-counter solution for cash to buy Bitcoin. A 4 per cent fee applies to transactions […]
The DAO: Australians buy into the virtual company of the future
Australian investors and organisations are among hundreds of backers of a new virtual organisation that only exists online, is run entirely by computer code, but which promises to change the nature of corporations worldwide. The DAO, or Decentralised Autonomous Organisation, represents the largest non-political crowdfunding project to ever hit the internet, closing a $US132 million ($184 million) fundraising round over the weekend, to create a corporation with no management, no board and essentially no legal rights in any jurisdiction. The Australian Financial Review has tracked down a number of Australians who have invested including Duncan Campbell, a 26-year-old early cryptocurrency adopter, Bitcoin company Bit Trade and smaller research organisations hoping […]
With Gyft.com Inaccessible Outside of the US, You Can Still Buy Gift Cards Using Bitcoins
In May 2013, one of the biggest news was that Gyft.com had chosen to accept Bitcoin. Purchasing almost everything using Bitcoins was now a reality. This is because Gift cards from over 200 retail brands are sold on the digital gift card platform. And that translates to close to hundreds of thousands of both online and brick and mortar stores where you could spend your bitcoins. But Gyft.com has never been quite accessible from anywhere on the globe. It still defines its geographical market as the United States. Even so, in the early days, you could still create an account from anywhere on the globe and purchase gift cards. It […]
Craig Steven Wright is not Satoshi Nakamoto – Maybe, the Leader of the Team
Have you already bought into the idea of Craig Steven Wright being Satoshi Nakamoto? There is a growing voice saying not so fast! Indeed, the shadow of doubt is growing every passing moment as members of the Bitcoin community pour over the evidence that he has put on the table. This can be witnessed on various Bitcoin forums, such as the Bitcoin subReddit, where some enthusiasts are expressing their disbelief. They could be wrong. They could right. Who knows at this point? Andreas M. Antonopoulos is one of those who have come out to question the validity of Craig Steven Wright’s claims. The author of Mastering Bitcoin, a Bitcoin security […]
Australian FinTech Opens up Vast Opportunities for ICT Companies
Sydney, Australia, 23 May 2016 – Australia’s development as a leader in Fintech innovation will require concerted effort from government agencies and established financial institutions and will involve partnerships and research collaboration between banks and startups. It will also present many diverse and lucrative growth and development opportunities for ICT companies that will help form the necessary ecosystem for a leading Fintech market. Data and connection security will be the most significant challenge for Fintech companies in Australia; largely because mobile payments make up the majority of the revenues of all the Fintech segments. Reliable security will be a key issue and an important selling point to ensure success as […]
DigitalX announces deal with global telco Telefónica
ASX ANNOUNCEMENT: DigitalX Limited (ASX:DCC and “the Company”) is pleased to announce that Telefónica Internacional S.A.U. (“Telefónica”) is the Company’s first strategic partner in Latin America following the successful integration of the DigitalX AirPocket App into Telefónica’s network. The mobile phone giant signed a marketing, distribution and sales agreement with DigitalX, which was announced to the market via the ASX on 17 February 2016, that will give Telefónica’s Latin American customers access to DigitalX’s unique value transfer and remittance application, AirPocket. Telefónica, which has nearly 232 million telecommunication access points in Latin America, is one of the largest telcos in the region and is among the top five biggest telecommunications […]
