Author: Cristian Lipciuc

Cristian Lipciuc is a blockchain journalist working with startup companies across multiple domains such as freelancing, app development & cryptocurrency. Cristian specializes in applied blockchain technologies, cryptocurrency integration, the adoption of new technologies by governments, and cybersecurity.

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Australia Blockchain Education

Flinders University And SIMBA Chain To Perform Joint Cybersecurity Research

On the 15th of October, Australia’s Flinders University and SIMBA Chain signed a memorandum of understanding (MOU) regarding future research.

Over a period of three years, the two institutions will collaborate on projects using distributed ledger technology for cybersecurity purposes.

United States DoD Contractor Keen On Helping Key Security Partners

Ever since 2017, SIMBA has secured multiple contracts with the US Department of Defense. The company has provided blockchain-based secure communications and supply chain solutions for the United States – and is now looking to assist key US Allies, such as Australia and NATO member states with the same technological solutions.

SIMBA Chain’s smart-contract-as-a-service (SCaaS) platform empowers users to easily develop and deploy sophisticated distributed applications (dApps) that are secure, unchangeable and that can easily be validated by auditors.

Ever since the advent of hybrid warfare – the main form of war waged within the past 30 years – government computers and even civilian populations have been targeted by cyberattacks by bad actors, whether state-funded or not.

Now, SIMBA and Flinders University – home to the  Jeff Bleich Centre for the U.S. Alliance in Digital Technology, Security, and Governance – will see how they can use blockchain to prepare Australia’s military and industrial sectors – and those of its allies – against attacks by malevolent entities.

Zac Rogers (Ph.D.) – the research leader for the Jeff Bleich Centre – welcomes the opportunity to work with SIMBA.

In return, David Wasson – SIMBA Chain’s lead executive – recognized the partnership as a chance to work with some of the leading researchers in the area.

“Cybersecurity threats to governments and businesses around the world have never been greater and are becoming more sophisticated. We are excited about the new defense/academic collaborative agreement with Flinders University because it combines SIMBA Chain’s powerful blockchain security technology with Flinders’ world-class social scientists and digital anthropologists, which will produce actionable security solutions for Australia, the United States, and other global allies.”

Together with the recent quantum-proof blockchain proudly made by Monash and CSIRO, Australia is well on its way to a cyber-attack proof future. 

Categories
Australia Crypto Exchange Cryptocurrencies

Crypto Exchange Market Huobi Adds Banxa Support For Australia

Yesterday, the crypto exchange platform Huobi integrated the fiat-to-crypto payment service Banxa to its trading platform with zero fees and integrated it into the payment system for customers from Australia, the UK, and the European Union.

The announcement came in the wake of the partnership formed with digital banking infrastructure provider Banxa – a company with headquarters in Melbourne and Amsterdam.

Huobi has been a mid-range player on the crypto exchange market ever since it opened in 2013. Although the company is from Singapore, the Huobi main offices were originally located in Beijing, as the company focused mostly on the Chinese market.

With the implementation of POLi for Aussie customers, SEPA for the EU, and the Faster Payments service for the UK, Huobi hopes to use the momentum to expand its business in the USA with a better payment system next July.

No Fees For Buying Crypto

Offering a total of 305 crypto assets – including its own proprietary asset Huobi Token – Huobi makes a point of offering all the major cryptocurrencies, and then some. The trading platform also offers crypto saving products. The interest rates received on Bitcoin and USDT savings accounts are considerably more profitable than those offered by many traditional banks.

Users from Australia and Europe can now purchase up to AUD 28.265 in AUD, GBP, or EUR to begin trading. Funds can be added to a user’s account using bank transfers, debit or credit cards, as well as other common payment methods with zero fees.

After passing the one-time KYC (Know Your Customer) verification – which requires customers to upload a picture of their passport, ID card, or driver’s license – Aussie customers are free to trade on the platform with the third-largest trading volume worldwide.

Categories
Australia Blockchain Cryptocurrencies

RBA Continues Research Into CBDC Despite Prior Reservations

Despite stating last month that there is no need for a central bank digital currency, the Reserve Bank of Australia is still looking into the possibility of creating one.

Speaking at the University of Western Australia Blockchain, Cryptocurrency and Fintech Conference, Tony Richards — the Head of Payments Policy at the RBA — revealed that the RBA is not only looking into the possibility of a retail CBDC.

In fact, the RBA is also conducting research on the technological and policy implications of a wholesale CBDC which would be used only by a small group of financial entities.

“We will be continuing to consider the case for a CBDC, including how it might be designed, the potential benefits and policy implications, and the conditions in which significant demand for a CBDC might emerge.”

Research Into Centralized Digital Ledgers 

The vast majority of blockchains are public, decentralized, and transparent — however, this may not be the case for the central bank digital currency the RBA is taking into consideration.

If the RBA were to create its own digital currency, it would probably run on a permissioned, centralized model — a wise precaution, since a small development error would affect millions of citizens with possibly unforeseen consequences. 

Tony Richards also revealed that if an official CBDC were to be made, it may run on an account-based system — and might be available offline too — possibly by implementing a cold wallet system.

Central banks worldwide are also looking into CBDCs and whether it would make sense to issue a tokenized version of their national currencies. China has probably gone the farthest with its possible national blockchain and is currently in the testing phase for a digital yuan. This test will be carried out by giving 10 million CNY (over AUD 2 million) in digital currency to Shenzhen residents.

 Other nations, like the U.S.A., are still trying to decide whether a CBDC is even necessary.

For the moment, however, the RBA is not committed to launching a blockchain-based digital currency —  and there is no guarantee that they will ever do so. 

Categories
Australia Blockchain Industries

Ralph Kalsi Becomes Algorand Brand Ambassador

Ralph Kalsi — digital marketing hotshot and founder of leading Australian companies Ralph Kalsi Blockchain Consultancy and Blockchain Autonomous solutions — has become one of the brand ambassadors of The Algorand Foundation. 

Quicker Transactions, Quicker Proof

The Algorand Foundation is a non-profit organization that believes in open, public, and permissionless blockchain, which runs on a Pure Proof-of-stake (PPOs) consensus protocol.

The Algorand blockchain — and it’s cryptocurrency, named Algo —  ensures decentralization by using a Byzantine Agreement Protocol.

Byzantine fault-tolerant protocols are algorithms that are immune to arbitrary types of failures in distributed algorithms. Due to the omnipresence of the Internet, there has been a need to develop decentralized algorithms that are immune to malfunctions.

 With high-speed block finalization, Algo provides immediate blockchain transaction assurance. This quality alone makes Algorand highly useful to any business that was  — up until now — heavily dependent on the chain of intermediaries that support and secure transactions to a wide array of customers and employees.

 Algo’s ultra-rapid transaction delivery makes it scalable to billions of users and thus, useful to many industries — especially to the financial sector. No matter how many Algo users there will be, the transaction speed will never fall below 4.5 seconds.

The Algorand blockchain is also immune to forking. In blockchain terminology, forking is a problem that can occur when a blockchain splits into more than 1 chain — which can lead to doubts regarding the success of the transaction.

The Algorand blockchain has been built in such a way that forks are avoided, leading to a level of trust beyond most other blockchains.

A well-known innovator and champion of promising projects within the Australian fintech scene, Ralph Kalsi has decided to be one of the many faces of Algorand —  a project run by like-minded entrepreneurs and tech enthusiasts.

Categories
Blockchain Cryptocurrencies Cryptocurrency Law

Traditional Banks May Be Forced To Change Their Views On Crypto

Last month, Kraken became the first cryptocurrency exchange to officially become a bank. 

The Wyoming Banking Board voted to approve the San Francisco-based crypto exchange’s application for a special purpose depository institution (SPDI) charter. 

Less than 3 years ago, Lloyd Blankfein — the CEO of Goldman Sachs — called cryptocurrency a fraud. The bank has since changed its mind and is currently investing in cryptocurrencies themselves. 

A New Generation Of Banks On The Horizon

Goldman Sachs isn’t the only financial authority to change its tune. The central banks of multiple countries are looking into national cryptocurrencies.

Countries such as Sweden, Canada, and China are all actively investigating the potential benefits of a central bank-issued digital currency. However, the RBA isn’t as interested in the use cases of blockchain technology.

The RBA isn’t fully disinterested, however: Although the Reserve Bank of Australia currently believes a “digital Australian Dollar” would be risky, it is still looking into Ethereum-based solutions for wholesale purposes.

In a payments paper issued on Thursday, the RAB expressed doubts regarding the future of stablecoins, along with cryptocurrencies such as Facebook’s Libra project.

The RBA has stated that it remains to be seen whether or not Facebook’s Libra cryptocurrency will gain regulatory approval and be allowed to operate in Australia.

Private companies may still have the upper hand, however. Kraken, for instance, is already forming a partnership with Silvergate bank — which may bring SWIFT and FedWire crypto funding choices for the USA market.

 Well-known crypto exchanges Coinbase and Gemini are also now customers of JPMorgan, even though JPMorgan CEO Jamie Dimon routinely denounced the worth of Bitcoin and cryptocurrencies just some little years ago.

The days when cryptocurrencies were regarded as a tool for cybercriminals to make anonymous transactions are long gone. Of course, privacy coins still exist — but they are used only by niche traders. 

Given the popularity of cryptocurrencies since the 2017 boom, we may soon see demand for cryptocurrency exchanges at our ATMs — and banks would be hard-pressed to not offer the service. 

Whether the cryptocurrency offered by banks would be the national digital version or the already popular cryptocurrencies, however, remains to be seen.

Categories
Australia Blockchain Industries

Two More Working Groups Join The National Blockchain Roadmap Steering Committee

The National Blockchain Roadmap of Australia was established back in February of 2020.

Since then, more and more working groups have been formed, aiming to transform Australia into a country improved by revolutionary technology.

Following an onboarding and application process in July 2020, the government has formed working groups to research different applications of blockchain, and their potential use in the public sector – given their popularity in the private sector.

The first two working groups were established a month later.

August saw the foundation of the Supply Chain Working group, headed by Katie Ford and Dr. Mark Staples. The group is investigating the potential for blockchain technology to support trusted supply chains, with an initial focus on the agriculture sector.

The second working group established in August is headed by Dr. Chris Berg and Prof Jason Potts. It focuses on the use of blockchain to ensure credentials in the education sector – as well as the integrity of academic papers written and used in Australia and abroad.

A Renewed Focus On Cybersecurity And Compliance

On the 9th of October, the next two working groups were formed.

The Cybersecurity Working Group will be focused on improving cybersecurity solutions in the era of asymmetrical warfare with blockchain technology.

Headed by Adriana Belotti and Steve Vallas, the top-notch team formed yesterday will be cooperating with CSIROs’ Data61 researchers, among others.

Last but not least, the second working group formed yesterday will focus on Regtech and Compliance. The aim of this group is to clear up bureaucracy and confusing laws in order to help businesses meet their regulatory obligations in a highly secure environment.

Among others, the CEO of Fintech Australia – Rebecca Schot-Guppy – is on the Regtech and Compliance team.

With the National Blockchain Roadmap rapidly meeting its goals, more announcements should be in the wings.

Categories
Australia Blockchain Industries

SBEnrc Identifies Opportunities For Blockchain In Australian Transport

In the world today, humanity is more connected than ever before. We are all dependent on transportation networks, as well as logistical services and their vast network of supply routes. In 2020, we’ve seen a lot of unprecedented stress being put on logistical routes that worked fine up until now.

 Without long queues at the border, health checks, and quarantined areas, there was no need to change.

Blockchain Can Improve Transit Times

Artificial intelligence (AI) and blockchain technology will be key to enhancing Australia’s transport sector, according to a new report published by the Sustainable Built Environment National Research Centre (SBEnrc).

Based at Curtin University, SBEnrc produced its report in conjunction with the university’s Big Data and Smart Analytics Lab.

It identifies a range of benefits from adopting blockchain and AI, including road cost, time savings, improved operations, improved user experience, and improved freight and logistics.

According to Dr. Charlie Hargroves of the Curtin University Sustainability Policy Institute, it’s not just Australia’s food industry that stands to gain from hopping on the blockchain train.

“The report shows that the International Data Corporation anticipates that spending on Artificial Intelligence will reach US$57bn by 2021 and according to the World Economic Forum by 2027 some 10 percent of global GDP will be Blockchain-based. It will be important for industry and government to understand the unique opportunities that these technologies present”.

Although tracking numbers have certainly been around for a while, blockchain can guarantee the accuracy of all information pertaining to a package. Did it travel through a restricted area, like much of Italy was during the spring of 2020? Has the weight of a package been reduced during transit, pointing to a theft? Were the bay doors opened?

 All of these and more can be tracked via blockchain without the possibility of tampering, ensuring the integrity of a package.

In the case of public transport, blockchain could ensure a vehicle’s safety record is kept up to date.

In the case of a manufacturer looking to sign a contract with a carrier, the driving records of the carrier’s employees could have an influence on the outcome.

Although records are already kept, the number of companies involved can cause delays when all data must be compared and verified. Blockchain could easily remove the red tape.

As the Australian government continues to invest in Blockchain technologies, it’s not a stretch to imagine that the improvements imagined by SBEnrc will be put into practice in the near future.

Categories
Australia Bitcoin Sydney

Sydney Resident Sentenced For Stabbing Brother Over Bitcoin

Warren Shane Collins, 54, who pleaded guilty to wounding with intent to cause grievous bodily harm, has been sentenced yesterday to a maximum prison term of seven years and will be eligible for parole after three-and-a-half years.

Schizophrenia Diagnosis

The judge stated she took into account the vicious nature of the attack and the amount of time the victim was left injured before emergency services were called. However, the sentence issued was still less than it would have been in other circumstances, owing to Warren’s 2019 diagnosis of schizophrenia.

In 2018, Ben Collins – Warren’s brother – flew out from Melbourne for a visit.

 After Ben downloaded YouTube onto Warren’s phone so he could listen to  music, Warren became suspicious that he was trying to hijack the device in order to steal his bitcoin.

He also believed his brother was spiking his food with the drug ice, – an amphetamine and a substance he had been using in the weeks prior. Unfortunately, the use of amphetamines gave him a paranoid state.

After a dispute that lasted a week, Ben called his sister to say that relations between the two had soured and he was catching a plane home. Ben also said at the time that he was alarmed at his brothers’ mental state and was unsure of what had happened.

However, at 5 in the morning Warren grabbed a small knife from the kitchen and stabbed his brother multiple times while he was asleep.

When asked why, Warren replied that it was in retaliation for the alleged theft.

 “I’m stabbing you, I’m going to kill you… because you stole all my Bitcoin”.

He then denied access to a phone to call emergency services for 2 hours, after which he stabbed himself in the stomach and drank hydrochloric acid – in a bid to avoid jail by killing himself.

Both survived, needing multiple surgeries – however, Warren will permanently be fed through a nasal tube, as his digestive tract suffered multiple wounds from the acid.

In court, Warren proved remorseful – and in combination with his mental condition, this helped Judge Chris Craigie with sentencing.

Categories
Digital Asset Mining Mining NGS Crypto

Australians Can Now Get Exposure to Cryptocurrency Through Blockchain Mining Investments

What happens when you combine a lot of time at home to contemplate investment options and a growing population of tech-savvy Aussies?

Data published by RMIT this summer shows that the result of such a combination is a steep increase in cryptocurrency investments. Australia’s RMIT University insights reveal that during the COVID-19 lockdown instituted between the 23rd of January and the 15th of May, cryptocurrency trading in Australia witnessed an increase in volume.

Trading Has Its Risks 

Although trading cryptocurrency is a good way to rack up some funds, crypto trading is not always the best long-term investment. The crypto trading market often suffers much bigger fluctuations than even the stock market — and not everybody has the time or disposable assets to monitor prices day in and day out. 

For those looking to get in on the cryptocurrency market without risking too much, there is a second option – cryptocurrency mining. 

A few years ago, mining was the main way people made money with crypto — however, as the difficulty of the equations used in mining, this method fell out of favour with most people, due to the electricity and PC component bill at the end of each month. With fewer tokens being mined for more resource expenditure, mining became almost exclusively the domain of people with huge mining rigs already set up. 

Luckily, you can have those people mine for you. NGS Crypto is a 100% Aussie-owned crypto mining platform that aims to help individual investors identify cryptocurrency mining investment opportunities. 

By taking advantage of the expertise provided by NGS Crypto employees, you can invest in cryptocurrency while maintaining a high Return On Investment (ROI) rate — all while avoiding the various pitfalls associated with trading or mining with your own resources.

Each time a cryptocurrency transaction is made, a cryptocurrency miner (NGS Crypto) is responsible for ensuring the authenticity of information and updating the Blockchain with the transaction — and at the end of the month, passing you your dividends. 

If you’d like to learn more about how to make low-risk cryptocurrency investments through your local Aussie business, you can always reach an NGS Crypto expert for a quick, no-strings-attached chat. 

Categories
Australia Cryptocurrencies Industries

Risk & Capital Compliance Solutions Partners Up With Apollo Fintech

RiskCapCom is an Australian fintech company that offers a compliance management and reporting system for central bank supervisors/regulators and commercial banks. Although based in Australia, RiskCapCom is also active in Hong Kong, New Zealand, Russia, Saudi Arabia, and other countries.

New Compliance Solutions

Yesterday, Risk And Capital Compliance Solutions confirmed that they are partnering up with Apollo Fintech.

Together, the two companies aim to provide a banking compliance solution complete with CBDC and E-Government perks. The partnership will offer cryptocurrency services and other payment solutions to the Middle East, Africa, Asia, and Australia.

Although RiskCapCom is already established in these regions, Apollo Fintech is not. With the help of the Aussie fintech, Apollo will be able to reach new markets and hopefully bring about benefits that will see a deeper collaboration between the two.

According to Stephen McCullah – the CEO of Apollo – this partnership will also reduce the bureaucracy often encountered within banking systems.

“This exciting partnership enables Apollo Fintech and RiskCapCom to strengthen financial systems, reduce bureaucracies, increase compliance quality, and strengthen economies across the globe. We’re now working with RiskCapCom on an integrated platform of compliance and blockchain/cryptocurrency technology, as well as an e-Payment sandbox license application in the Kingdom of Saudi Arabia (KSA), UAE, Pakistan and a number of other nations.”

Currently, RiskCapCom provides services to the largest and most important commercial banking group in Russia – a group that is within the top 40 commercial banking groups worldwide, and an ASX-listed banking group.

The compliance solution offered by RiskCapCom is also being tested by banks in Saudi Arabia and by Carlyle Square Consultancy.

With more partners and clients said to be in the wings, the business relationship founded yesterday could be one of the big players in the compliance market tomorrow.