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.

Categories
Australia Blockchain Industries Real Estate

Power Ledger Blockchain-Powered Green Housing, Coming To A City Near You

Aussie blockchain firm Power Ledger and Perth-based real estate developer OP Properties have joined forces to build one of the first carbon-neutral apartment complexes in Australia.

Power Ledger – a firm that specializes in renewable energy and other environmental commodities – has already been a part of multiple green energy projects around the world. In Thailand, their partnership with Thai Digital Energy Development has led to the development of carbon-neutral infrastructure and better accounting for energy and environmental commodities.

In France, Power Ledger ekWateur and renewable energy supplier ekWateur teamed up to develop a blockchain-based energy trading platform. Power Ledger has also executed projects in the U.S.A., India, Japan, and are always open to new collaborations – such as this one on the home turf.

Blockchain, Reduced Maintenance, and Ecology

The five-story apartment building will be called Montreal Commons – and will consist of 39 apartments and a café. In order to be truly carbon-neutral, it will use rooftop solar panels and local battery storage provided by  OP Properties.

OP Director Luke Parker has stated that as the developer, they will handle the full cost of installing the solar system on the roof of the complex. The installation ownership will be transferred to the management company responsible for the property instead of splitting it up between tenants.

In case of electrical insufficiency, these can be topped up through green energy from electricity retailer Change Energy.

If, on the other hand, any excess solar electricity is generated, it can be stored in on-site batteries and sold by the tenants via Power Ledger’s blockchain-based energy trading platform. Power Ledger receiving a $2.5 million grant from the Australian Government and has won Sir Richard Branson’s Extreme Tech Challenge award.

Coupled with TYMLEZ’s recent project in New South Wales, we can expect to see more and more eco-friendly complexes pop up and ensure the protection of Australia’s beautiful wildlife.

Categories
Australia Bitcoin Cryptocurrency Law

Australian Bitconnect Representative Banned From Offering Financial Services For Seven Years

Due to his involvement and promotion with the Bitconnect platform – now widely seen as the second biggest Ponzi scheme in crypto history – John Bigatton has been banned by ASIC from providing financial services.

This decision stems from the fact that Bigatton provided – according to ASIC – unlicensed financial advice while working for Bitconnect from August 2017 to January 2018.

Investigation Still Pending

As a wider investigation into specifics of the company are still ongoing, Bigatton still has the right to appeal the decision with ASIC’s Administrative Appeals Tribunal – although it will most likely be rejected.

However, ASIC’s statement at the moment is the following:

“Mr. Bigatton is not a fit and proper person to provide financial services: is not adequately trained, or is not competent, to provide a financial service or financial services, and is likely to contravene a financial services law.”

Bigatton is believed to have collected at least $100 thousand out of $2.6 billion that Bitconnect had collected from investors – right before Bitconnect abruptly shut down their platform, in what was described at the time the biggest exist scam in history.

Australian authorities commenced their investigation of Bigatton after the platform’s collapse.

His assets were frozen by the Federal Court of Australia in December 2018 – a measure promptly followed by travel restrictions imposed on him a month later.

John Biggaton’s wife, Madeline Bigatton, mysteriously disappeared in March 2018, and an investigation into her disappearance and possible death will be started this year.

Although BitConnect was believed to be crypto’s largest Ponzi scheme, last year the OneCoin scam outdid it by defrauding investors out of approximately $4 billion.

Categories
Australia Cryptocurrency Law Industries

Within 10 Years, All Fintech May Be Blockchain-Based

On the 2nd of September, Andrew Bragg, a member of the Australian government’s Senate Select Committee on Financial Technology and Regulatory Technology released a statement about the current recession, citing blockchain as a way out.

The last financial quarter’s negative results prompted the government to look toward new technologies as a way out of the current predicament – and one of them is investing in the ever-growing fintech sector.

The report contains multiple references to blockchain and technologies based on distributed ledgers.

Huge Profit Margins Estimated

In the report, it is speculated that the potential gain due to using blockchain technology is “estimated at $175 billion annually within five years and $3 trillion by 2030”.

Piper Alderman’s partner Michael Bacina was also quoted, who believes that the use of blockchain will only grow exponentially as more and more business owners see other business ventures reap the reward, assuring investors of its safety.

“Most fintech and regtech projects will either be built predominantly on distributed ledger technology or blockchain or heavily using that within the next 10 years.”

Power Ledger’s co-founder and Executive Chairman Dr. Jemma Green also highlighted that although over $26 billion had been raised through ICOs, Australia gained less than 1 percent of the profit. By properly regulating blockchain technology and ICOs even further, Dr. Green believes that tens of thousands of new jobs will be created, which will in turn bring in even more revenue to be invested in further development.

With the recent adoption of blockchain for quality assurance in Australia, an industry growth of $100 billion dollars in the agricultural sector is foreseen by senator Andrew Bragg.

A final report is due in April 2021, based on the current success stories citing the use of blockchain to record data pertaining to properties and investments as a direct reason for increased revenue.

Categories
Australia Crypto Exchange Payments

Revolut Enters The Australian Cryptocurrency Market

It’s only been a month since Revolut went live in Australia following a beta with 30,000 more on the waiting list. Now, the possibility to buy cryptocurrencies has also been enabled.

For the moment, Aussie crypto enthusiasts can trade in bitcoin (BTC), ether (ETH), litecoin (LTC), bitcoin cash (BCH), XRP and stellar (XLM) right from their new banking app, with the possibility of more cryptocurrencies being added later still in discussion.

Users of Revolut’s premium service, Revolut Metal, will be the first to access the new crypto trading service. This feature will be rolled out to other customers shortly.

Ease of Exchange

Already known as the app that allows you to enjoy a vacation without worrying about where to find the best exchange rates, Revolut users in Australia will be able to buy cryptocurrency assets in a total of 27 currencies at great rates.

With fewer options for purchasing cryptocurrency than in the European Union, for now, Revolut CEO Matt Baxby saw the app as a way to simplify the hassle of moving assets between platforms, facing fees every time.

“We’re very excited to be adding another feature to our Financial SuperApp with the introduction of our cryptocurrency exchange services.

We’re cutting out that complexity – with Revolut anyone can easily set up an account in minutes and start buying and selling digital currencies instantly, alongside all our other great features.”

Edward Cooper – the head of the crypto division at Revolut – also weighed in on why ease of exchange is central to the company’s ethos. According to Cooper, public feedback on the main crypto trading platforms was quite negative about the semi-hidden exit and deposit fees – something they sought to change.

Carrying over the transparent and advantageous platform fees at the root of their success in the fiat market, Revolut plans to gauge interest for crypto trading in Australia before expanding into other APAC territories, such as Japan and South Korea.

Categories
Coinbase Cryptocurrencies Cryptocurrency Law

Coinbase Platform for Startups In The Works

Staple cryptocurrency exchange platform Coinbase is developing a platform designed for startups that will allow new companies to mint their own custom crypto assets.

Coinbase CEO Brian Armstrong was recently a guest on the podcast led by investor Patrick O’Shaughnessy, Invest Like The Best.

While outlining his vision for the future of cryptocurrencies, Brian Armstrong stated that a common grievance of many new companies is the abundance of regulatory and funding impediments faced by crypto startups. As a relatively new phenomenon, not all countries and markets have gotten around to drafting proper legislation, often sparking confusion.

 Although Coinbase has invested in over 60 crypto startups through Coinbase Ventures, Brian Armstrong is of the opinion that the loopholes and nuances in current cryptocurrency legislation often discourage new talent with new ideas – A problem he is aiming to fix with this new platform.

“There’s a lot of really talented teams trying to build companies this way now, but a lot of the regulatory environment is still unclear for them about, ‘Is this a security? What kind of securities regulations might you trip up if you do these’ And so, there’s all these kind of different exemptions and stuff that people are trying to jump through hoops to try to make [it] work.”

Coinbase Launch, Coming Soon

The new Coinbase platform designed to help entrepreneurs join in on the action will be called Coinbase Launch – although the name may change in the future. Coinbase Launch will assist new companies with processes, the creation of smart contracts, token offerings, legislative suggestions, and so on and so forth.

Once launched, the new platform could potentially lead to exponential growth in the adoption of cryptocurrencies. Now armed with the knowledge and resources to put their plans into action, we may soon be seeing an avalanche of startups taking opportunity of Coinbase’s expertise and reputation to change the world.

Categories
Australia Blockchain Industries

Blockchain-based Green Energy Group Set To Revolutionize NSW Energy Market

Enterprise software and technology company TYMLEZ Group has just been chosen as a partner for a large-scale, multi-year project with ICT, the national Dutch telecommunications company. TYMLEZ is already planning future cooperations, with outlines for Australian projects in 2021.

Headquartered in the Netherlands and listed on the ASX since 2018, TYMLEZ offers a platform that enables businesses to expedite the design, development and deployment of highly scalable blockchain applications in multiple areas, especially green energy. Their contract with ICT aims to reduce carbon emissions and even provide green energy from the activities of ICT Group.

Ahead of European Legislation

In its June quarter report, TYMLEZ announced its expansion into the Australian market with a subsidiary named TYMLEZ Energy. TYMLEZ energy will be headed by Daniel O’Halloran in the role of managing director and Wayne Clay as chairman.

In a statement, TYMLEZ energy laid out the basics of their business plan.

“We aim to take advantage of legislative environments that enable us to trial and run our platform in a different geographical location and be ready for the two-way energy marketplace by end of 2021.

In order to capitalize on this momentum, TYMLEZ Energy will focus its efforts on the marketing and sales of the energy marketplace in Australia and Asia.” 

TYMLEZ plan of action is more than a year ahead of legislation regarding green energy that will be adopted in the European Union on the 1st of January 2023.

TYMLEZ is also planning on teaming up with private company Tyalgum Energy in New South Wales to install TYMLEZs proprietary decentralized green energy marketplace.

“There is real significance in this trial as not only is it the first in the Southern Hemisphere but, once proven successful, we will be scaling the technology into commercial and industrial applications to further impact the carbon neutral target for big energy consumers.”

If successful, the town of Tyalgum in New South Wales will be 100% powered by renewable energy. 

Categories
Australia Economics Industries

ANZ, Westpac and CBA Switch To Blockchain To Ensure Bank Guarantees

ANZ Bank, Westpac and Commonwealth Bank have joined forces to found Lygon, a company that will switch traditional bank guarantees signed on paper for blockchain-based smart contracts. By vastly reducing the lease negotiation period between landlords and tenants and doing away with fraud, Lygon is on the way to becoming not only a staple of the market, but the way into the future.

Big League Shareholders Onboard

The company behind Westfield Sydney – the Scentre Group – has already invested in Lygon shares. Not keen on being left behind, the tech industry staple company known as IBM has also invested into the Lygon alliance.

Both of these companies are hoping to bring an end to the physical, signed guarantees used by clients in all industries, from construction to real estate.

ANZ’s Nigel Dobson had this to say about the formation of Lygon:

“Digitising the instrument will save commercial landlords onerous, operational overheads over the longer term.”

Following a test run with great results last year, the five companies involved have decided to take the plunge and put their plan into action. Lygon is currently looking for a chief executive as well as a small number of staff to run the platform, after which they plan on partnering with any banks and landlords who wish to join up.

Once this system becomes the norm in Australia, Lygon is planning to expand into New Zealand. If all goes as planned, IBM will use the success garnered so far to spread Lygon’s system to real estate markets worldwide.

Once it goes live this month, Lygon will become the first high profile case of blockchain use by banks in Australia.

Previously used mostly to store and transfer funds, this new alliance may lead to even more investments into blockchain technology.

Categories
Australia Crypto News Cryptocurrency Law

Horse Racing Group Investigated Over Possible Crypto Scam

Aussie horse racing authorities are looking into allegations that a top thoroughbred operation may have been involved in a worldwide money-laundering scheme linked to sham cryptocurrency venture OneCoin.

Phoenix Thoroughbreds, the co-owner of Australian group 1 winner Farnan was banned from racing in France less than a month ago after allegations in a court case taking place in New York.

Witnesses have accused the owner, Amer Abdulaziz Salman, of embezzling $161 million through the OneCoin cryptocurrency scheme.

A massive scam involving a non-blockchain based cryptocurrency, OneCoin, has put a $7.2 billion hole in the pockets of investors in Australia, Europe, and Africa. Investors who bought OneCoin tokens after being told their value would increase had an unpleasant surprise when they realized they could not exchange these tokens to fiat or any other cryptocurrency.

One Australian citizen, Harry Testoni, explained how the scam works.

“They were manipulating everything, and said, ‘it was worth this and that’ and then when you try to withdraw money they say, ‘you can’t draw money out of it’. It was dead money. Gone. Finished.”

Horses may have been bought using embezzled funds

Australian authorities suspect that up to $25 million of the laundered money was used to buy prize racehorses that compete on the Australian circuit through Phoenix Thoroughbreds.

Greg Nichols, the chairman of Racing Australia stated that they were in talks with legal authorities both domestic and foreign. Amid fears that the allegations could compromise public confidence in the sport, a decision is still pending.

“The obvious place for these allegations to be considered is within the legal system but it doesn’t preclude us from making our own observations and coming to our own conclusions beforehand,” Greg Nichols said in a statement this Saturday.

If convicted, Phoenix Thoroughbreds’ Dubai-based owner Amer Abdulaziz Salman could face serious penalties, including the suspension of his company from competing in Racing Australia.

Categories
Australia Industries

Australian Government Continues Recruitment For Blockchain Integration

The Australian Government has decided to continue its strong approach to the adoption of blockchain technology, establishing two more working groups to further the national effort.

These teams will provide valuable analysis on the adoption rate of blockchain technology in Australia – taking an especially close look at the way Blockchain technology has affected supply chains and certificates of authenticity.

The two new working groups will work toward the integration of blockchain technology into two critical fields: supply chain and credential management.

When it comes to keeping track of all orders requested and delivered, Blockchain enables suppliers to keep a permanent, unchangeable record. In turn, this allows for a more accurate forecasting of demand. Additionally, balancing accounts also becomes more efficient and fraud-proof.

World-renowned quality attracts worldwide customers. Once reassured by a certificate that a certain product is genuine and has not been tampered with by third parties, customers are willing to pay more, due to increased trust in the producer. Ergo, using Blockchain to ensure the validity of credentials could lead to a wider profit margin for Australian industries.

Identifying And Removing Obstacles

Aside from exploring the use cases adopted so far and the economic opportunity that they present, the two new working groups will also focus on identifying obstacles to the widespread adoption of blockchain technology – whether their nature is technical, legal or simply suboptimal.

The Government Steering Committee selected members in the wake of an Expression of Interest consultation process.

 A panel of government representatives will observe the groups in order to aid the discussions between the teams and various regulatory bodies and technical consultants. The two groups will have an initial discovery report to present to the Steering Committee within the first quarter of 2021.

In addition to these two working groups, two more will be formed in September this year. Their areas of research will be cybersecurity and Regulatory Technology.

With two new teams, two in the wings and doubtless more to come, Australia is on track to becoming one of the first countries to benefit from the widespread adoption of Blockchain.

Categories
Australia Blockchain Industries

Australian Government Will Certify Aussie Quality Via Blockchain

Consumer protection laws have come a long way since their introduction, ensuring clients get exactly what they paid for. Local farmers across Australia have proven the superiority of their products – and some have tried to cash in on their success without putting in the same amount of work. Once again, the solution comes from blending new technology with time-tested methods.

The quality of Australian livestock is recognized worldwide – and as with many other industries, the Australian government has invested into further equipping the industry with blockchain technology.

Blockchain provides an easily verifiable certificate of authenticity to any financial transaction, so it makes sense to apply this technology when it comes to agriculture – after all, you are what you eat.

In a statement, David Littleproud, Minister of Agriculture has extolled the virtues of blockchain and its future in Aussie industry and agriculture.

 “Open, transparent and trustworthy systems are important for long term sustainability and global competitiveness.

“Building on standards already used in transport and logistics, warehousing, distribution, retailing and eCommerce ensures Australian producers and processors can participate efficiently and effectively in global markets.”

 Ensuring Adoption At A Grassroots Level

 The initial phase of the project will raise awareness among dairy farmers with a short video and an informative paper. Once the benefits of adoption are well known to producers across Australia, the road to a dairy industry supported by cutting edge technology will have been prepared.

In the case of dairy farms, blockchain technology will assist farmers in storing all information that pertains to orders, quality control and pricing. Taking all of these into account, dairy farms can now sign smart contracts with buyers, elevating trust and removing any possible bad actors from the supply chain.

From a quaint farmhouse surrounded by nature to the fresh milk in your morning coffee, world-renowned quality accompanied by world-class innovation will be felt with every sunrise whose beauty you drink in.