Blockchain is useful for a lot more than just Bitcoin
Blockchains can be used for a wide variety of applications, such as tracking ownership or the provenance of documents, digital assets, physical assets or voting rights. Blockchain technology is not just useful for creating digital currencies such as Bitcoin or developing new financial technologies. Blockchains can be used for a wide variety of applications, such as tracking ownership or the provenance of documents, digital assets, physical assets or voting rights. Blockchain technology was popularised by the Bitcoin digital currency system. But, essentially, a blockchain is just a special kind of database. The Bitcoin blockchain stores cryptographically signed records of financial transfers, but blockchain systems can store any kind of data. […]
Fintech floater convinced blockchain its future
David Cassidy, the managing director of Irish float hopeful KYCkr says blockchain is the future of its business identity check business. KYCkr is raising between $6 million and $8 million by floating between 30 million and 40 million shares at 20¢ each on the Australian Securities Exchange in June. This would give it a market capitalisation of between $25 million and $27 million. The funds will be used to market the business in Europe and Asia as well as move its systems to a blockchain, or distributed ledger. The company, which has direct links with government business registries around the world, verifies the business customers of banks and other companies […]
Craig Wright says he will prove he is bitcoin creator
One day after Australian businessman Craig S. Wright declared he created the virtual currency bitcoin, he says he plans to prove it. After many bitcoin experts expressed scepticism about Mr. Wright’s claims, the 45-year-old computer scientist and engineer wrote Tuesday on his blog that he’ll present more evidence in coming days to prove he is Satoshi Nakomoto, bitcoin’s pseudonymous creator. “I will be posting a series of pieces that will lay the foundations for this extraordinary claim, which will include posting independently-verifiable documents and evidence,” Mr. Wright wrote. Specifically, Mr. Wright says he plans to move some bitcoin from an account that has been around since the early days of […]
Meet eight fintechs changing financial services
When you have just seven minutes to sell your idea as the next big thing to change banking and investment, every moment counts. Thirty of the country’s best fintechs are pitching to a room full of 160-plus bankers, brokers and venture capitalists at the Grand Hyatt ballroom in Melbourne, where their story, business plan and even looks are all being judged. From payments to wealth management, peer-to-peer lending and crowd funding, fintech start-ups are taking aim at the heart of the financial services industry and a pot of revenues that Goldman Sachs estimates at $4.7 trillion. The banks are all vying for a stake in these disrupters before they join […]
Budget 2016: Innovation surprises in budget papers
Entrepreneurs developing fintech companies will get a leg up from a new program in association with the Australian Securities and Investments Commission, which will allow ideas to be tested with a limited number of retail clients for up to six months. These road tests in a “regulatory sandbox” will have prescribed investment limits. Australia will be promoted as a fintech destination in a government funded marketing campaign costing $200,000 next financial year. The government has also called for feedback on the best way to ensure fintech start-up activities are eligible for the venture capital tax concessions. Blockchain, the distributed ledger technology, will be the subject of a review by Data61 […]
Artificial Intelligence, Algo-Banking, Blockchain, Cryptocurrencies and Robo-Advice Form Growth of Australian FinTech Market
Fintech is a disrupting force and a decentralising movement in the financial services sector. Fintech’s apply information technologies and modern internet protocols for data exchange, and deliver financial services using data storage, data analysis algorithms, or personal telecommunication devices. Digital ecosystems are fundamental to the success of both Fintech and traditional banks. Frost & Sullivan’s study, Fintech in Australia – Trends, Forecasts and Analysis 2015 – 2020 defines and focuses on the growth and challenges of the Australian Fintech sectors’ three market segments; Digital Payments, Personal and Business Finance, and Financial Infrastructure and Data Analysis. Each segment relies on its own set of digital technologies. Digital Payments Digital Payments are […]
The CSIRO is exploring Bitcoin’s blockchain technology
Announced as part of the 2016 federal budget, the government will be encouraging its agencies as well as private companies to explore blockchain technology. The government’s downsized CSIRO research body Data61 will lead the country’s blockchain development. “The Government will encourage the exploration of Blockchain technology, including through a study and pilot testing by the CSIRO’s Data61,” it said in the budget. “The benefits of this technology could be profound — extending right across our economy. We are looking to position Australia as a leading global player in this exciting new area,” treasurer Scott Morrison added. New changes to the GST will also make sure that consumers are no longer […]
Blockchain technology to impact financial services sector
Blockchain technology has the potential to improve client’s end-to-end experience but the legal profession must consider its regulation, according to Norton Rose Fulbright lawyers. Nick Abrahams, APAC head of technology and innovation, told those gathered at Norton Rose Fulbright’s Unlocking the Blockchain event last week that “Blockchain will radically impact the financial services sector”. Mr Abrahams – along with Norton Rose Fulbright consultant Tessa Hoser and senior representatives from ASIC, CBA and the ASX – were part of a panel discussion about blockchain technology and regulation at the event. The session focused on the potential applications of blockchain and distributed ledger technology, and the key legal and regulatory considerations for […]
