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 Economics

Australian Grants Make RMIT A Powerhouse Of Blockchain Research

RMIT launched its Blockchain research division (BIH) in 2017 and has since become the alleged “first research centre on the social science of blockchain”. The funding for research undertaken at BIH shows no signs of slowing down. The potential to turn Australia into one of the leading world researchers, if not the principal research institute for Blockchain related technology increases every day.

Since February of 2020 alone, 6 million dollars have been invested in blockchain-related research at RMIT.

Julie Cogin, Professor, Deputy Vice-Chancellor and Vice President, College of Business at RMIT states:

“Our academics are at the forefront of shaping the blockchain industry internationally, as well as preparing our students with the digital skills of tomorrow.”

Creators of the National Blockchain Roadmap of Australia, BIH are continuing their research at full speed. A recent speech delivered by the Institutes’ director, Jason Potts, indicates that their research may play a part in preventing the economic crisis from hitting Australia full force.

“COVID-19 has rapidly accelerated the shift from an industrial to a digital era. The new digital economy is more decentralised, making it harder to manage and monitor.”

Blockchain Use Cases Expand Exponentially

Elaborating on the need for expanded infrastructure development, Potts highlighted the importance of introducing a more robust approach to integrating blockchain technology into more meaningful use cases:

“We need digital infrastructure to match this move, and this is where platform technologies like blockchain come more into play. Blockchain can be a key part of identity management systems as it offers high transparency and traceability.”

RMIT’s research efforts are focused on leveraging the potential of blockchain technology to help build secure, adaptable economic systems that are resistant to the economic fallout of events such as the COVID-19 pandemic. In the future, blockchain technology could help prevent the spread of a virus by ensuring better contact and location training, as seen in South Korea and in some areas of Japan.

It could also assist in identifying hotspots by tracing the path followed by delivery trucks from farms and factories all the way to the stacked shelves of your local shop.

With the 2020 fiscal year ending for most companies within the next two months, it remains to be seen what technologies will be implemented by companies around the world to recoup the losses incurred during FY2020 – and what role Australian research will play in rebuilding the global economy.

Categories
Australia Blockchain Travel

Blockchain Tech Could Be The Key To Possible Mandatory Aussie COVID Vaccine

As countries around the world announce that a COVID vaccine is just around the corner, Australian authorities are discussing the possibility of making the vaccine mandatory – as well as ways to gauge the progress of vaccination campaigns across Australia.

Blockchain is already being used as a tool for contact tracing while traveling in South Korea, Singapore and other countries. By establishing an unchangeable list of contacts and places visited by someone who becomes ill, the spread of coronavirus can be held in check with ease.

Vaccination against the coronavirus could also be tied to government payments, a move planned as an extra incentive for those on the fence about vaccination.

Greg Hunt, the Minister of Health has gone on record stating that once a vaccine is discovered, the Government would strongly consider applying measures like “no jab, no pay” .

“It won’t be mandatory, but it will be widely encouraged. We are one of the world’s great vaccination nations and I expect very widespread uptake.” 

The Australian government is gunning for a 95 per cent vaccination rate, a number that would exclude those unable to receive vaccinations due to medical issues. Once the vaccination campaign is underway, Blockchain would be a powerful technology to implement that would allow people to prove that they have been vaccinated and,as such, pose no risk while travelling or going about their errands.

By adding the medical details of vaccine recipients to a blockchain, government payments could continue in an automated fashion, avoiding the bureaucracy that is generally characteristic for medical databases.

Whether the current plan for vaccination will be put into practice is yet to be seen – however, Blockchain technology could become a vital part in the ongoing battle for a safe and healthy return to normal.

Categories
Australia Coinjar Markets

Demand for Australian Crypto Partners On The Rise As New Alliances Are Formed

Chainalysis, a company that provides data and information regarding blockchain users to governments and a number of successful companies worldwide has just signed contracts with three booming Australian fintech companies — namely Assembly Payments, CoinSpot, and CoinJar.

While CoinJar and CoinSpot will become official exchange partners of  Chainalysis, Assembly Payments and Chainalysis will use their new business relationship to create a cryptocurrency-focused database based on trust, professionalism, and entrepreneurship.

Assembly Payments already provide information on cryptocurrency investors across multiple continents that may be subject to a variety of different laws and investment practices, Chainalysis will fill in the unknown factor of the equation by providing valuable insights regarding the risk assessment of clients, the benefits of offshore expansion and much more.

This partnership will also allow cryptocurrency investors to gain valuable insights into the legal implications of crypto-based business networks worldwide and how to comply with the law of the land in each country that they wish to expand their activity.

A Correct Assessment of a Burgeoning Market

With over 300,000 active cryptocurrency traders in Australia, these partnerships come at just the right time to assist those whose interest in the cryptocurrency market is still matched by the apprehension that always precedes a valuable investment.

As Bitcoins’ price more than doubled during the past year, Aussie fintech companies have correctly assessed that a possible hurdle stopping formerly uninterested investors from expanding the market was the alleged lack of legislation regarding big-league cryptocurrency companies.

This added layer of security between investors and brilliant business ideas may soon open a world of possibilities on the already highly developed Aussie crypto market.Between Coinjar, the longest-running exchange platform, CoinSpot, an Aussie cryptocurrency trading platform with one of the highest volumes around the globe, and Assembly, Australia is positioned to secure a strong position as a market leader. 

Categories
Australia Cardano Payments

30 Percent Of Australian Businesses Go Cashless, Paving The Way For Retail Crypto Adoption

During the ongoing pandemic, businesses across Australia have seen a marked increase in cashless payments — nearly a third of businesses now receive over 95% of their payments via contactless methods, with the steepest drop in cash payments during this period happening in  April.

Australian developers are now actively working to make it easier to pay businesses in cryptocurrency, the possibility to pay with alternative currencies may be on the horizon.

Colin Birney, Head of Business Development at Square Australia, released a statement  showing that as the current pandemic began health and safety concerns became the main focus for business owners adapting to the changing market.

“This raised questions of how to properly conduct business and accept payments during social distancing and stay-at-home mandates,” stated Birney. “The result has been a significant shift by many Australian businesses away from cash, although we have seen variances across industries and in different parts of the country.”

30% of Australian businesses are prepared to enact a payment environment similar to the one found in Holland where cashless payments are strongly preferred, and sometimes the only option. Many businesses appear to be considering introducing cryptocurrency payment options in order to smooth the transition.

Crypto as Cash in Australia Not Far Away

Australian regulatory frameworks provide both Aussie businesses and consumers with the ability to sell or buy goods and services with cryptocurrency. The ATO provides detailed guidance for businesses interested in accepting cryptocurrency as a payment method, with nuanced tax laws allowing consumers to exchange crypto for products or services without a significant tax bill. 

With over 300,000 active cryptocurrency users , Australian businesses have a vested interest in maintaining customer loyalty by allowing them to pay whichever way makes them comfortable. Cryptocurrency payment options would mirror European markets such as Germany and the Netherlands, where Sofort and iDEAL are alternative payment methods that can be used in most stores due to popular demand.

Due to projects such as Cardano e-Commerce paving the way for mass adoption of cryptocurrency payments on the Australian market, a future where cryptocurrencies are accepted as readily as credit cards may not be too far away.

Categories
Australia Crypto Exchange Cryptocurrency Law

iSignThis seeks $264mln in Damages from ASX Over Crypto-Related Trading Suspension

Aussie payments company iSignThis has announced legal action targeting the Australian Securities Exchange (ASX) over a dispute stemming from the suspension of iSignThis share trading — with the ASX pointing toward activity in the crypto market as a contributing factor to the trading halt.

iSignThis (ISX), an Australia-based fintech company that provides payment processing services for companies active in the Australian and European markets. The trading of ISX was suspended by the ASX in October 2019.

The ASX provided complex reasoning for the suspension of ISX trading, citing media speculation, the volatility of ISX share prices, and reviews into ISX company documents indicating that the company was providing services to cryptocurrency exchanges.

ASX “Damaged ISX Reputation,” No Public Crypto Link Evidence

In response, iSignThis has filed a court case against the ASX, arguing that their suspension from the stock market was unfair.

While iSignThis were previously seeking compensation worth only $27mln, they now have filed an amended statement of claim for the legal dispute opened earlier this year.

ISX is seeking compensation, attributing damages to the companies’ reputation caused by this report. iSignThis attempted to stop the report from being published – however, the ASX responded by saying that not releasing the Statement of Reasons would cause damage to its own reputation.

iSignThis Increases Damage Claims

Although the original lawsuit was seeking only $27mln in damages, iSignThis stated at the time that this sum would most likely increase if no resolution was provided. It has since increased nearly tenfold.

The CEO of ISX, John Karantzis, released a statement today concerning the reasons for the amended statement of claim.

 “Uniquely, ASX as a market operator may have misled and deceived the market that it is obligated to maintain on a fair, transparent and orderly basis, throwing doubt on its ability to manage a Tier 1 market.

“By any measure, the damages claimed and the impact of any adverse finding make this a high stakes and material case for the ASX.” 

If the courts rule in favour of iSignThis, who have vehemently denied providing services to any unregulated or fraudulent companies, the ASX will have to pay the damages requested, remove the Statement of Reasons and reinstate the trading of ISX shares.

Categories
Australia Blockchain Scams

Bitcoin Bust Leads Queensland Police to Serial Scammer Peter Foster

Serial scammer Peter Foster was arrested on Thursday by Queensland police officers in relation to a multi-million dollar international sports betting scam. Bitcoin transactions have been identified as key evidence used by international cybercrime investigation and asset recovery IFW Global to implicate Foster in the scheme. 

Foster, a convicted conman who has served multiple sentences for fraud worth millions of dollars in damages in Australia, the United Kingdom, the United States of America and Vanuatu, was identified using a currency whose trail cannot be erased no matter how hard one might try – Bitcoin.

Foster allegedly established a company named Sports Predictions, offering gambling services and receiving sporting bets — which, complaints state, were never placed. This company attracted plenty of high rolling bettors – including an as yet undisclosed Asian businessman who claims to have lost around two million dollars in bets that were never placed.

IFW Global’s investigation into Foster’s alleged betting scam indicates that Foster may have received over $2 million in payments for bets that were never executed, with funds diverted and laundered in NSW. Statements issued by the NSW police indicate that the state police force will apply for Foster’s extradition to NSW and expects to charge the sports betting platform operator with multiple fraud offenses. 

Serial Scammer Identified Through Blockchain Records

Transactions made through a blockchain are irreversible and visible to anyone, allowing investigators to trace the transaction in order to discover an attempt at laundering the money through New South Wales.

Information passed through Queensland Police by IFW global included an attempt made by Foster to purchase a luxury moto yacht for over $1 million AUD, along with Bitcoin transaction data provided by an unnamed IFW client to private investigator Ken Gamble, chairman of IFW Global.

The use of blockchain technology to identify and arrest criminals is a growing trend, with Australian federal police now able to access deeper and more detailed information regarding cryptocurrency transactions. 

New initiatives launched by the Australian Federal Police will see officers posted around the world in order to establish a global net aimed at eliminating international scammers. More recently, a 52-year old Sydney woman was arrested for laundering over $5 million in cryptocurrency — the Australian Government’s new $1.6 billion cybersecurity strategy aims to eliminate scammers and cryptocurrency fraud both from within Australian borders and abroad. 

Categories
Australia Blockchain Industries

Blockchain-Backed Beef: Aussie Exporters Eyeball On-Chain Provenance for Chinese Market

© Emerson Vieira

Red meat accounts for around 1.5 percent of Australia’s GDP. For many years, Australia has consistently been one of the top five beef exporters in the world, with much of the exported beef going to one of Australia’s key business partners, China. Now, Australia Exporters are considering integrating blockchain technology to cement the Australian beef brand in China

But what do Chinese customers think of Australian beef, though, and how does blockchain technology relate to the Australian export beef market?

According to a recent study, Chinese customers are great fans of Australian beef. So much that they are willing to pay between 6.2 AUD and 11.27 AUD more for a 150 gram cut of beef — if they could be reassured that the beef was true blue through and through.

With this in mind, Australian brands, encouraged by the government, have settled upon blockchain technology as a way of reassuring customers worldwide that their fresh cuts are as authentic as the label states.

Recommendations published in the Australian Blockchain Roadmap state that in order to capitalise on Australia’s current technological standing and realise the potential of blockchain technology both locally and worldwide, Australian businesses must:

  • Integrate efficient, effective, and appropriate regulatory standards
  • Enhance critical blockchain skills in order to drive innovation
  • Establish strong international investment and collaboration — such as blockchain integrations into Australian beef exports

China Integrates Blockchain into Existing Supply Chain

Chinese commerce organizations have leveraged blockchain technology in order to track the provenance of products for some time now, with major enterprises incorporating blockchain elements in the supply chain to qualify product authenticity.

China Mobile, one of the leading telecommunications companies in China, has been distributing water purifiers whose usage was tracked through blockchain, rewarding users with free new water filters.

As a part of Australia’s greater roadmap for national blockchain development, Australian companies stand to benefit greatly from integrating blockchain technology into their business plans.

Not only are blockchain endeavors championed by the government, but they are also highly appreciated by clued-in customers who will use this technology to make more informed choices.

Setting an example for other high-profile Australian businesses who may be looking into adopting blockchain technologies, the Australian beef industry now has the opportunity to be a trailblazer that will soon lead to not only increased customer satisfaction but increased profit as well.

Categories
Australia Crypto News Cryptocurrencies Trading

RMIT Data Reveals Aussie Crypto Trading Peaked During COVID-19 Lockdown

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 indicates that the result is a sharp increase in cryptocurrency trading. 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.

Data shows there was a 50% spike in home trading volumes, globally, and a 66% jump in Australia.

Angel Zhong – RMIT

Prior to the lockdown, the average daily turnover was only 0.27%, compared to 0.44% during the lockdown.

Whether this skyrocketing investment rate is due to an increase in corporate employees working from home, young entrepreneurs with more funds and options than ever before, or even the closure of casinos, it’s clear that cryptocurrency trading is increasingly considered as a lucrative investment option for investors across Australia.

Cryptocurrency Prices Rise as Australia Locks Down

This increase can be witnessed in the price mark-up since the beginning of the pandemic — Bitcoin is now valued at almost 16,000 AUD, more than twice the value it had in March 2020, where prices hovered near 7000 AUD.

Ethereum currently trades at  500 AUD, far above the price of 200 AUD it held in March, with prices surging by 30% between mid-July and today.

In both cases, the price has more than doubled for both leading cryptocurrencies. Is this a new phenomenon? Yes, but not really. Investing in strong currencies has always been a hallmark of days fraught with economic uncertainty – but now the paradigm has shifted.

In prior times of economic turmoil, the price of gold has increased.The price of gold has also surged during the recent COVID-19 lockdown, but for the first time in history, cryptocurrency has shown its face as an equally, if not superior investment option.

Is decentralization finally catching widespread appeal? Australian trade data appears to indicate that it is. Present data hints towards an economic future that will lean more towards deflationary currency than inflationary, centralized fiat currency.

DeFi is the latest major use case of blockchain technology.

Professor Jason Potts, the Director of the Blockchain Innovation Hub at RMIT University thinks that Decentralised Finance (DeFi) is the latest major use case of blockchain technology and could be the future of financial markets for tokenised assets.

Interest in DeFi – which is the beginnings of a new global digital financial system – is driving this current cryptocurrency price surge.

Jason Potts – RMIT

And also we saw that Decentralized Exchange Volumes are up 70% in June, past $1.5 billion according to Jack Purdy, decentralized finance analyst at Messari.

Blockchain networks are also starting to think about DeFi with projects like Qtum announcing a $1 million DeFi development fund.