Category: Australia

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Australia Blockchain Industries

Entrust And Hedera Join Forces to Secure Australian Food Quality

Australian companies have noticed that clients both foreign and domestic are willing to pay a premium for Aussie quality – and the Australian Government has invested over AUD 150,00 into blockchain technology for Australian Food and Drink industries.

Measures have been taken to prevent the continuous loss of AUD 1.7 billion yearly, out of $50 billion worldwide, according to investigative reports published by Food Innovation Australia – and now the official announcement regarding the technology to be used is here.

The transparent, immutable nature of blockchain technology would allow Australian businesses to create unforgeable digital certificates in order to protect their products and brand.

 In addition to discussing the potential use cases of blockchain technology in Australian supply chain applications, Australia’s first blockchain-based Cooperative Research Center has raised over $60 million in order to push blockchain adoption through Australian startups.

National Australian QA Blockchain Teams Up With Highly Scalable Hedera Hashgraph Technology

Entrust – Australia’s first comprehensive agricultural supply chain platform – has announced it will operate on Hedera Hashgraph, the enterprise-grade distributed ledger.

Launched last Sunday by South Australian Premier Steven Marshall, Entrust hopes to live up to its name by growing trust in the high-profile wine and dairy industries.

Entrust will allow farmers and winemakers and map the movement of primary products all the way to factories and processing plants, and from there on down the supply chain until the shop.

The tracking will be carried out through a combination of time-stamping, geolocation, and the transparent immutable storage of key events. Hedera Hashgraph offers improvements in speed and security when facing off against decentralized first-generation blockchains.

Mance Harmon – the CEO of Hedera – commended Entrust for taking the necessary steps to ensure accountability in an already thriving food industry.

“Entrust’s successful initial pilot with the wine industry, and strong early demand from other agricultural sectors, demonstrates the pent-up desire by producers and consumers to have more visibility into the provenance and lifecycle of our food and drinks.”

With this partnership, fraud in Australian agriculture will be virtually eliminated – all because of technology running on GPS-enabled smartphones and the creative thinking of innovators worldwide.

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Australia Bitcoin Mining Digital Asset Mining Sydney

Aussie Mortgage Holidays Don’t Have To End – They Can Continue Through The Power Of Crypto

Many Australians who are currently paying off a mortgage for their home have more than 50% equity in their property – money that could set aside for retirement funds, new investments, or personal needs and emergencies that could arise at any minute.

NGS Crypto Can Help You Extend Your Mortgage Holiday

The ongoing COVID-19 pandemic has caused a fair amount of upheavals felt by people employed in all sectors – including the financial sector.

At the start of the pandemic, Australians were offered a 6 month mortgage holiday – with many jobs at risk, small businesses closing and so on, this measure was a breath of fresh air for anxious homeowners.

Banks are starting to contact borrowers in order to request that mortgage payments resume.

Over 900,000 loans have been put on hold since March, and half of these mortgage holidays are being examined these weeks.

262,000 of these are home loans, of which 80,000 will be assessed before the 30th of September, and 180,000 by the end of October.

Over 105,000 business loans to small and medium businesses have been deferred – and 65,000 of these will be assessed by the end of September – with the remaining loans being assessed in October.

Although most of the uncertainty regarding personal income has been dispelled, many Australians still feel a better fall-back strategy could have been a blessing.

Luckily, NGS Crypto can help you extend your mortgage holiday.

NGS Crypto – a consumer-friendly mining platform based in Sydney – also offers mortgage holiday packages to help crypto enthusiasts refinance their mortgage.

Members of NGS Crypto receive their returns daily, paid into their accounts on the platform.

Although some may choose to withdraw their earnings from the platform at the end of the month, most users prefer to withdraw weekly – a practice that can greatly reduce the amount of interest paid to the bank, when coupled with one of NGS Crypto’s Mortgage Holiday packages. If you’re looking to spruce up your budget without dealing with the hassle of traditional banking, NGS Crypto financial advisors are always available for a chat – see which of their services could increase your monthly revenue.

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Australia Blockchain Cryptocurrencies

Ralph Kalsi Expands Business With Blockchain Autonomous Solutions

Ralph Kalsi — founder of leading Australian company Ralph Kalsi Blockchain Consultancy — has launched the autonomous company Blockchain Australia Solutions with the goal of ramping up research on blockchain technology and its applications — such as quality assurance, eco-friendly housing, and much more.

Setting Aside Marketing To Pursue Research

After a successful career in digital marketing, Kalsi has taken the decision to retire from the lucrative field of digital marketing in order to focus on the development of blockchain technology and its game-changing potential. 

Consulting services will also be provided by Blockchain Australia Solutions. BAS has made itself a fully separate entity from Kalsi’s previous firm. Formerly the Managing Director of One Stop Media, Ralph Kalsi dove into the competitive field of blockchain in 2016 — and became a world leader in his field within only three years.

Aside from blockchain development and consulting, Blockchain Australia Solutions also provides a vast range of services to help investors commodify real-life assets such as art, venture capital funds, and real estate into security token offerings (STO).

Blockchain Australia Solutions will also provide tailor-made Blockchain-powered solutions to companies and even to entire industries that show an interest in this field.

 The organisation aims to transform every aspect of our society  using an innovative approach towards a myriad of problems.

Since it was founded, Blockchain Australia Solutions has partnered up with Fintech Australia — an advocacy group for new technologies in the financial sector that aims to use blockchain technology — among other cutting edge technologies —  in order to create a fintech ecosystem in Australia and beyond.

  BAS has also joined forces with R3Corda, a company that harnesses blockchain technology in order to find solutions to specific business challenges in both dynamic and highly regulated markets, all while providing industry-specific distributed ledger technology for companies in a variety of industries. 
With a great track record in an innovative field, Ralph Kalsi’s full embrace of blockchain is yet another example of leading figures using blockchain to change the current modus operandi.

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Australia Bitcoin Cryptocurrencies Scams

Anglicare Sydney Held to Crypto Ransom Over Data Hack

Australian not-for-profit Anglicare Sydney has confirmed that it is currently being held ransom for cryptocurrency due to a large data leak caused by hackers that have stolen a significant amount of sensitive personal information from their computer systems.

Anglicare Sydney manages records for a wide range of healthcare services, including adoption, foster care, counselling, and mental health services. The not-for-profit has announced that over 17 gigabytes of data was hacked and sent to a remote location on August 31 in a malicious cyber track.

The hack represents a significant data loss, as Anglicare Sydney is currently contracted by the NSW Department of Family and Community Services to provide both adoption services and foster care, as well as a series of programs designed to assist vulnerable families and at-risk youth.

In a statement released regarding the hack, Anglicare Sydney noted that the main system relating to Anglicare Sydney’s Out of Home Care Program, which includes the foster care program, was not impacted. 

Signals Directorate Confirms Crypto Ransom Demands

The hack is currently under active investigation by the NSW police, who have stated that they are conducting inquiries. Notably the Australian Signals Directorate — Australian government’s intelligence, cyber warfare and information security agency — confirmed that it is currently working alongside Anglicare Sydney to investigate the hack, highlighting the fact that the hackers are demanding cryptocurrency as a payment method.

“Ransomware can cripple organisations that rely on computer systems to function by encrypting all connected electronic devices, folders and files and rendering systems inaccessible. Cybercriminals will then demand a ransom in return for the decryption keys, often in the form of untraceable cryptocurrencies such as Bitcoin.”

Anglicare Sydney has announced that it will refuse to pay a ransom or engage with cyber criminals.

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Australia Cryptocurrencies Cryptocurrency Law

Aussie Government Contractor Walks Free Despite Using Government Supercomputers For Mining

Cryptocurrencies are digital tokens – functioning on blockchain technology – that allow people to conduct financial transactions in a peer-to-peer system. “Cryptomining” is the use of computer processing power to solve equations – which help to consolidate and secure the cryptocurrency system. The miner is then rewarded for this activity with cryptocurrency tokens – which is a huge drain on electrical power and PC components.

Jonathan Khoo, a 34-year-old former contractor for the Commonwealth Scientific and Industrial Research Organisation (CSIRO), was accused of using the government supercomputers placed at his disposal at work in order to mine Ether (ETH) and Monero (XMR). The total value of cryptocurrencies gained is only about $9,420 AUD, which he promptly deposited into his own accounts.

Huge Bill Racked Up

Although 9240 AUD isn’t that big of a sum, it turns out an AUD 76.668 electricity bill to the Commonwealth Scientific and Industrial Research Organisation (CSIRO) was allegedly a direct consequence of Khoo’s actions.

By installing code on 2 of the supercomputers at CSIRO, Khoo was able to use resources at the Institute’s disposal for personal gain. This diverted power away from the operations that were supposed to run on these supercomputers.  

When asked for comment, Federal Police cybercrime operations commander Chris Goldsmid stated that Khoo’s conduct had caused a loss of trust in the government and had hindered the important and legitimate activities of the CSIRO supercomputers.

“This man’s activities diverted these supercomputer resources away from performing

significant scientific research for the nation, including pulsar data array analysis, medical research and climate modelling work.”

In spite of an offence carrying a maximum sentence of 10 years, magistrate Erin Kennedy gave the Sydney resident a 15-month intensive corrections order – in exchange for his guilty plea. Khoo will serve out his custodial sentence in the community – and must fulfil  300 hours of community service. He will also receive counselling.

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Australia Bitcoin Cryptocurrencies

Cryptocurrency Seen As A Fall-Back Strategy By Forbes

As you all know, Australia is still under lockdown due to the COVID-19 pandemic – imposing one of the strictest set of measures worldwide. According to a recent Forbes article, the pandemic might be a good reason for Australians to have some bitcoin set aside – which many young people seem to have done in the earlier stages of the epidemic.

Gold May No Longer Be The Most Independent Asset

Clem Chambers – a Senior Forbes Contributor and the CEO of stocks and investment website ADVFN – feels shocked that Australia has imposed such severe measures on its own citizens, likening the current restrictions on travel to those imposed by states behind the former Iron Curtain.

“ As far as Australia goes, to me, it is not just what is going on there that is so shocking, but that it can happen to one of the coolest, most advanced and democratic countries on earth. One month a free country, weeks later a not-so-open prison. “

Back then, if you wanted to leave the country, it was more or less imperative to have some gold stowed away, as your access to paper currency could be cut off at a moments notice, once the alarm has sounded. Even before that, gold was always seen as something that could get you through hard times, whether due to economic turmoil, war or social unrest.

Now, Clem Chambers argues that if the lockdown lasts much longer, Australians could be put in a situation where they would have to cross the border illegally, or deal with an economic collapse. If this were to happen, Clem believes that having some cryptocurrency set aside would keep you going if banks collapse or your assets are frozen.

While such a scenario is highly unlikely, one should always prepare for unforeseen circumstances – and with cryptocurrencies, you can do so while also diversifying your investment portfolio.

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Australia Blockchain Cryptocurrencies Regulation

Reserve Bank Rejects Aussie Central Bank Cryptocurrency, Unsure of Facebook Libra Approval

While other countries around the world are flirting with the idea of issuing a central bank backed crypto currency, the Reserve Bank of Australia says no — citing a lack of compelling policy.

Countries such as Sweden, Canada, and China are all actively investigating the potential benefits of a central bank issued digital currency, but the RBA isn’t swayed by the use cases of blockchain technology. 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. Other assessments in the paper highlight the slow rate at which cash payments are declining compared to relatively cashless countries such as Sweden.

RBA Won’t Eliminate Cash — Yet

The widespread adoption of real-time payment solutions such as the New Payments Platform place Australia ahead of the curve with regards to safe, low cost, and convenient payment platforms from traditional banks, according to the RBA.

“The (RBA’s) view is that there is currently no strong public policy case to introduce a CBDC (Central Bank Digital Currency) for retail use,” 

The RBA isn’t planning on ceasing the issuance of banknotes despite the ongoing push to minimize the use of cash in Australia, stating that it will continue to provide “reasonable access” to banknotes “for as long as Australians wish to keep using them.”

While the RBA is opposed to the concept of a central bank issued cryptocurrency, other countries are not so recalcitrant. Sweden’s Riksbank has floated the idea of an e-Krona several times over the last three years, citing the country’s rapid adoption of cashless alternatives.

The Bank of Canada, however, has taken further steps toward a central bank issued crypto, with the Bank of Canada announcing in February that it will develop the capacity to issue a retail central bank digital currency as soon as it becomes desirable.

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Australia Crypto Debit Cards Cryptocurrencies

Revolut Launches Aussie Crypto Exchange, Crypto Roundup for Australian Users

Digital banking app Revolut has announced the impending launch of a larger suite of crypto functionality to the Australian market ahead of pending approval for an Australian financial services license, providing Aussies with exposure to a range of digital assets in addition to a variety of crypto tools and features.

The recent launch of Revolut in Australia saw the platform launch a new neobank in the country, operating as an Australian equivalent of the digital bank’s US and EU services. The latest addition to the services Revolut provides will allow users to access a broader range of features, such as deposit accounts and personal lending. 

Edward Cooper, Revolut’s Head of crypto division, stated in comments released to the Australian that greater volatility in cryptocurrencies is driving investors towards the new asset class as an attractive alternative.

“The volatility is making it more attractive for people … It is making people think what other assets are a place where I can put some money and see if it can perform better under these unusual circumstances.”

Revolut Aims for 1 Million Australian Users

Revolut has launched in Australia into direct competition with Australian neobanks such as Volt, Xinja, and 86 400, which offer home loan, banking, and deposit products. Revolut’s new crypto features include innovative options such as the Roundup feature, which allows users to round up everyday payments to the nearest dollar and then invest the excess into cryptocurrency.

Revolut Australia chief executive Matt Baxby highlighted the ease with which Australians can use the Revolut app to buy cryptocurrencies, noting that the difficulty involved in getting started can turn some investors away.

“Buying and selling cryptocurrencies can be incredibly complicated and confusing for the uninitiated, which means many Australians don’t know how to access cryptocurrency as an investment option”

Baxby, formerly operating as a chief financial officer at Bank of Queensland, stated that Revolut aims to capture 1 million new Australian users within the next year. 

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Australia Cryptocurrencies Cryptocurrency Law Scams

Online Romance Cryptocurrency Scams On The Rise

Scams carried out by means of romantic attraction are one of the oldest tricks in the book – but reports from the Financial and Cyber Crime Group reveal that many fraudsters have modernized their methods.

Investigators have reminded Australians to stay vigilant to online romance scams, following a spike in complaints involving cryptocurrency-related fraud – many of which start on online dating platforms.

The Financial and Cyber Crime group has investigated more than 70 complaints from victims over the last six months –some Queensland victims have lost several hundred thousand dollars.

Criminal Organizations Seem To Be The Culprits

The ASIC has reported that from March through May of 2020, the rate of online scams involving cryptocurrency has increased by 20%. These scams follow a generally predictable pattern.

First of all, a romantic partner or even a simple acquaintance tells an unsuspecting victim how they made money on a certain trading platform and encourages them to deposit as many funds as possible. Reassuring the client that it is perfectly safe to trade – since blockchain transactions cannot be faked – the bad actor gains the victim’s trust.

The catch, however, is that the platforms the victims are directed to are actually fake and do not deal with cryptocurrencies. Once the new user starts trading, the user is shown fake data to convince them that they are turning a profit.

Eventually, the user is shown more fake data showing trading losses, despite the fact that there is either no trading taking place – or the devaluation of the cryptocurrency imitated by the platform is nowhere as severe.

Once a victim tries to withdraw whatever funds they have left, the bad actor either suddenly cuts off all contact or requests more money in order to release the remaining funds.

The targets also often become victims of identity theft or data mining, carried out through the usual methods – however, due to the nature of cryptocurrency trading platforms, it does not look out of place for the fake website to request a photo of an ID card and a selfie in order to perform KYC.

The ASIC suggests all traders employ caution and use their better judgment. Before engaging in cryptocurrency trading, always make sure that the platform you are trading on is legitimate. For an in-depth list of measures you can take to stay safe while trading cryptocurrencies, you can check out our article on the subject. 

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Australia Crypto Debit Cards Scams

ASX-Listed Fintech Giant to Buy Australian Wirecard Assets After Crypto Card Platform Collapse

A US-based fintech enterprise listed on the ASX has announced a bid to buy Wirecard’s Australian and New Zealand businesses subsequent to the collapse of the international cryptocurrency debit card company in June this year.

Change Financial, a US-based fintech company, has announced that it recently entered into a binding agreement that will see it acquire all of the business assets of Wirecard in both Australia and New Zealand for a total cost of $7.8 million.

Wirecard, which promised worldwide crypto-powered debit cards, collapsed in June after revealing that €1.9 billion in company assets did not exist. The payments company, originally based in Germany, was operating as a major crypto debit card issuer, until financial strife revealed poor bookkeeping and fictional assets.

Controversy regarding Wirecard began on June 18, when Ernst & Young auditors reported that more than $2 billion that was supposed to be held by Wirecard in Philippines-based accounts did not exist. The CEO of Wirecard, Markus Braun, was subsequently arrested on August 23, with Wirecard filing for insolvency on June 25.

Ernst & Young global chairman Carmine Di Sibio released a statement via a letter distributed to senior executives this week, expressing regret that Wirecard’s fraud was not identified sooner.

“Many people believe that the fraud at Wirecard should have been detected earlier and we fully understand that. Even though we were successful in uncovering the fraud, we regret that it was not uncovered sooner.”

Change Cashes in on Wirecard Assets

Change Financial, however, is cashing in on the controversy surrounding the now-defunct card provider, purchasing all of Wirecard’s business assets in both Australia and New Zealand for less than $8 million. 

The strategic acquisition includes a blue chip client base that includes Australia’s Big 4 Banks, an estimated $15.4 million in revenue for the 2020 financial year, and partnerships with Visa, Amex, UnionPay, and Diners. 

Change has stated that it aims to upgrade and expand upon Wirecard’s existing platform in order to expand into the US market over the next 12 months.