Category: Australia

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Australia Blockchain

Mastercard & Alibaba Join Forces with Blockchain Australia & VeChain to Track Aussie Food Exports

Global ecommerce giant Alibaba and international payment platform Mastercard have teamed up with Blockchain Australian in order to roll out a new VeChain-powered platform that will track Australian food and wine exports with blockchain technology.

Facilitated with the new APAC Provenance Council industry group, the new initiative will see the global tech giants team up to establish a new blockchain solution that will track, authenticate, and finance international exports sourced from Australian farmers.

Trade financing provided by Mastercard and Alipay will see Aussie farmers paid faster and earlier for the produce they create. The automated supply chain solution, powered by the VeChain blockchain, will be backed up by MasterCard Provenance. Mastercard’s blockchain solution will be used in a private, permissioned capacity in order to verify transactions for users.

Blockchain Supply Chain Initiative Targets Chinese Markets

The platform is primarily aimed at the $76 billion Chinese market, with APC co-founder David Inderias highlighting the importance of new technology focused on diversifying Australian food exports in the post-COVID market ecosystem:

“The overall theme of this is making more resilient export supply chains. One current complexity is COVID. The other is the economic and political trade circumstances, especially with China,’’

The APAC Provenance Council is the largest cross-continental doof supply chain and finance consortium operating in Australia, and is strongly supported by a range of industrial, government, and export bodies. The core founding members of the council include Australia Made, Blockchain Australia, VeChain, and FoodAgility CRC.

Operated by the Australian Government, the Food Agility Cooperative Research Center has recently captured the support of major enterprises such as Kelloggs, Mars, Coles, NAB, and IAG n funding a $10 million supply chain initiative focused on reinventing agribusiness supply chains. 

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Australia Blockchain China

Australia Under Attack: 3 Major Data Breaches Reported Daily as Gov Turns to Blockchain Solution

Data published by the Office of the Australian Information Commissioner reveals that Australia is subject to nearly three significant data breaches every day, with leading cybersecurity and blockchain experts referencing China as the cause of ongoing cyber attacks. 

The January – June 2020 Notifiable Data Breaches Report, published by the Office of the Australian Information Commissioner (OAIC), places the total number of reported data breaches across Australia for the last financial year at over 1,000. 

The OAIC’s Notifiable Data Breaches scheme from which the data presented in the report tracks the occurrence of data breaches in which personal information is accessed or distributed without authorization. While many of the breaches in the report are attributable to human error, hundreds of the breaches occurring between 2019 and 2020 were executed by malicious or criminal actors.

Australian Health & Finance Sector Targeted, Bank Details Leaked

Data breaches reported in the report were executed by a variety of means, such as social engineering, storage device theft, insider threats, phishing, and malware. The majority of attacks executed in the last year were associated with malicious actors gaining access to user data through phishing attacks, closely followed by ransomware attacks.

The Australian health sector was the hardest hit by cyber attacks, accounting for over 10 percent of all data breaches, followed by the finance sector. The number of users affected by the breaches exceeds 10 million, with the contact information of 84 percent of affected individuals released along with home addresses, phone numbers, and email addresses as well as passport numbers and license numbers.

Concerningly, data breaches reported to the OAIC in the same period contained tax file numbers, bank account details, credit card numbers, and health data.

Key Industry Experts Identify Blockchain as Solution to Cyber Threat

A panel discussion hosted on July 30 by recently appointed Blockchain Australia CEO Steve Vallas saw blockchain specialists and experts from various sectors come together to discuss potential cyber security solutions to address the ongoing cyber threat faced by Australia. 

The panel, consisting of liberal Senator Andrew Bragg,  CyberCX CEO John Paitaridis,  National Blockchain Lead Chloe White from the Department of Industry, and several other speakers identified blockchain technology as a key driver in protecting Australia from future cyber attacks. 

During the panel, CyberCX CEO John Paitaridis noted that attacks directed toward Australia are increasing in frequency, and identified China as the primary actor executing cyberattacks against the country:

“In June this year, the Australian Prime Minister announced an ‘unnamed state actor’, you can read into that — China — as being targeting businesses and government agencies across Australia as part of a large, dedicated, persistent scale attack.”

Blockchain technology, stated Paitaridis, is able to prevent the manipulation of data after publishing, preventing data tampering and addressing the vulnerabilities that are currently exploited by malicious actors in cyber attacks.  

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Australia Bitcoin Scams

Crypto Fraudsters Impersonate Dick Smith, Kochie to Push Bitcoin Scams

Is Dick Smith trying to sell you a Bitcoin investment scheme that has big banks terrified? Have you found Kochie’s secret crypto investment plan? If so, then you’ve spotted one of the latest strategies used by crypto scammers to separate you from your crypto capital — impersonating Australian celebrities to push crypto Ponzi schemes.

The Australian Securities and Investments Commission has recently published a warning directed at potential crypto investors, stating that Bitcoin scammers are now using the names of popular Australian celebrities, government agencies, and prominent news sites in order to legitimize scams. 

Some of the celebrity name based scams directed towards Aussie investors include scams purportedly supported by Waleed Aly, Mike Baird, Celeste Barber, Andrew ‘Twiggy’ Forrest, David ‘Kochie’ Koch, Michael Rowland, Dick Smith, Karl Stefanovic and Virginia Trioli.

A report published by the ASIC on July 29 states that scammers are using fake celebrity endorsements to create fake websites, offering investors crypto trading bots that promise guaranteed profits. Other techniques used by scammers include “pump and dump” scams, in which scammers use a fake celebrity endorsement to artificially inflate the value of otherwise low-value cryptocurrency tokens.

While many of the offending scam sites are no longer live, it’s still possible to find many false celebrity endorsed crypto scams online today. Some scam platforms specifically identified by the ASIC include Bitcoin Evolution, Bitcoin Revolution and Bitcoin Trader.

No, Dick Smith Doesn’t Want to Share His Secret Crypto Strategy With You

Sites that claim to deliver profits using the names of celebrities such as Dick Smith remain online, promising unsuspecting investors access to “wealth loopholes” through a “secret investment” as illustrated below:

Dick Smith clarified his position on Bitcoin and cryptocurrency investments earlier this year via Twitter, stating in no uncertain terms that Dick Smith does not, in any way, endorse crypto investing.

With crypto scams capturing more than $4 billion in 2019, performing due diligence and extensive research on any crypto product before getting involved is more important than ever. ASIC notes that, once lost to scammers, crypto is virtually impossible to recover:

“Fraudsters are often based overseas and so are their scam websites, which makes them notoriously difficult to close down. It also makes it almost impossible to track, trace and recover lost money.”

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Australia Blockchain Industries

Australian Government Serves up $4mil in Grants, Supports Blockchain Food Tracing Startup

The Australian Government will distribute $4 million in funding to a variety of Australian tech startups and enterprises through the traceability grants program, providing blockchain-based farm-to-table supply chain systems with funding. 

The Department of Agriculture’s Traceability Grants Program, operating from  2019 to 2020 and 2022 to 2023, is aimed squarely at the Australian supply chain ecosystem and will see $7 million distributed across two rounds.

North Sydney-based blockchain startup FreshChain Systems is one of the first Aussie enterprises to receive an injection of capital from the grants program, and will use $195,000 in funding to launch a program that digitises end-to-end traceability in the agriculture sector.

The tech stack presented by FreshChain sits comfortably within the scope for the Australian Government’s Blockchain Roadmap. The FreshChain platform uses distributed ledger technology to create immutable provenance data for Australian food, providing traceability across the entire life cycle of food products.

Australian Blockchain Use Cases Expand Beyond Payments

In a press release published on July 27,  Agriculture, Drought and Emergency Management Minister David Littleproud noted the broad use cases of blockchain technology:

“FreshChain’s end-to-end traceability system has broad applications across all food, fibre and agricultural products for authentication, provenance, food safety and consumer engagement,”

The ongoing COVID-19 pandemic and ensuing lockdown has heightened consumer awareness of food provenance, creating fertile ground for the Sydney-based blockchain food tracing platform to grow. FreshChain is one of 16 Australian enterprises that will share in $4 million in funding under the first round of the Department of Agriculture’s Traceability Grants Program.

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Australia Blockchain

Australian Dairy Farmers Bring Milk Onto the Blockchain

Image by ArtTower from Pixabay

Australian dairy farmers have penned a deal with the Australian government that will see blockchain technology introduced into the daily supply chain, aimed at balancing the relationship between dairy processors and retailers.

The Australian dairy industry has recently presented a difficult landscape to Australian dairy farmers, who have struggled through both drought and bushfires. Decreasing margins have caused ongoing problems for Aussie farmers, who are facing an increasingly complex agriculture supply chain ecosystem,.

Over the last 30 years, the number of agricultural enterprises in Australia have dropped from over 15,000 to just 5,000 in 2020, with Australia’s share of the international dairy industry falling from 16 percent to just 6 percent.

Aus Gov Backs Cow-Powered Blockchain Project

A new deal signed between the Australian Dairy Farmers industry group and the Australian government, however, may function as a means for Aussie dairy farmers to wrestle back control over their industry,

The new deal will see the Aus government work with the ADF to develop a real time payment platform linked to a blockchain-powdered supply chain information system, allowing farmers to sell milk based on distributed ledger technology.

Terry Richardson, the President of the ADF, noted the importance of supply chain provenance and the implications of blockchain technology in the Australian dairy industry earlier this month:

“The transparency of shared information using blockchain technology empowers our dairy farmers. Blockchain will reduce costs to compete more aggressively in local and global markets. It will also allow greater knowledge of what happens to a farmer’s milk once it leaves their farm, and will provide consumers with trusted information about where their milk comes from.”

Integrating blockchain in the Australian dairy supply chain allows farmers to leverage better transparency over dairy product provenance, providing consumers with the ability to discern between different brands and the implications of supporting small Australian agricultural businesses versus supermarket chains and large processors.

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Australia Industries Scams

Australian Bitcoin Ransomware Wave Takes out Aussie TV Networks

The latest wave of ransomware cyber attacks on Australian businesses has reached the media industry, with leading media market research company Nielsen taken out by a suspected ransomware attack.

Ransomware attacks — harmful cyber attacks that infect individual computers or networks — typically encrypt critical files or restrict access to them, forcing users to pay the actors responsible in order to decrypt, or “unscramble” them.

In many cases, ransomware fees are demanded in the form of Bitcoin or privacy-focused cryptocurrencies such as Monero, which are more difficult to trace.

Australian in Top 10 Highest Targeted Countries 

Data published by cyber security firm Emisoft reveals that Australia is in the top ten countries most affected by ransomware attacks, with costs to Australian businesses and individuals estimated to exceed $1 billion.

Emisoft’s State of Ransomware report indicates that the average ransomware attack cost — spread between both individuals and companies — is $84,000, forcing companies to pay a high price for poorly secured data. More concerning data published by Gartner places the cost of ransomware attacks at $5,600 per minute globally, positioning ransomware as a very real threat to Aussie businesses.

The impact of ransomware on the Australian economy is accelerating — on July 23, global data company Nielson was targeted by a ransomware cyber attack that saw the platform’s daily television ratings release delayed for several days.

Aussie Businesses Targeted by Malicious “State-Based” Attacker

Nielson performs market research and audience measurement for Australian television platforms rating provider, OzTam, providing that even large-scale media giants aren’t immune to the threat of ransomware.

In a statement published subsequent to the attack, Nielsen highlighted the ransomware nature of the attack:

“Nielsen has become aware of an unexpected disruption relating to the Australian TV Audience Measurement (TAM) data centre environment. This disruption is derived from a ransomware attack in which Nielsen was the victim. As a result, TV ratings data remains unavailable.”The Australian Government recently published an advisory warning Australians of the tactics used by ransomware attacks — noting that the recent increase in cyberattacks is associated with a “sophisticated state-based actor”

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Australia Crypto News Cryptocurrencies

Australians Secure the Bag: Economic Stimulus Spent on Retail, Crypto, Cocaine

The Australian government has announced that it will extend record-breaking stimulus support payments into 2021, detailing several multi-billion dollar efforts to protect Australian jobs from the COVIC-19 pandemic. 

While the fiscal efforts of the Australian government are designed to assist Australian families, employees, and employers through the pandemic-induced financial crisis, Australian consumers have other ideas on how stimulus capital should be spent. 

Aussies Spend Super Funds on Furniture, Gambling, Cryptocurrency

Data published by Accenture’s illion and AlphaBeta platform indicates that retail spending in Australia has skyrocketed 17 percent above normal levels, with over 2.8 million Australians seeking early release of superannuation funds as part of the Australian Government’s COVID response. 

Consumer spending across Victoria, which has recently returned to stage 3 lockdown in several regions including Melbourne, has decreased due to lower retail activity — but that hasn’t stopped Australians in other states from spending 54 percent more than normal at department stores, 51 percent more on online gambling, and 114 percent more than normal on furniture.

The retail sector isn’t the only market benefiting from COVID stimulus — Australian cryptocurrency purchasing and investment patterns match those published by popular cryptocurrency exchange Coinbase earlier this year, with Australians investing a portion of the $2.8 billion paid out thus far under the early superannuation release scheme directly into crypto markets.

Cocaine Use at 20-Year High

While the retail and cryptocurrency markets are experiencing an inflow of new capital, so too is the Australian illicit drug trade. Australians in lockdown, according to academic data, are more likely to spend money on illicit drugs such as cocaine, resulting in a large spike in cocaine use across the country.

Data published by the Australian Institute for Health and Welfare reveals that cocaine use is at a 20-year high — academic studies into the impact of the COVID-19 lockdown on Australians indicate that lockdown periods are likely to increase illicit drug use in Australia despite supply chain interruptions.

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Australia Bitcoin Crypto News Regulation

TikTok Could Hack Your Bitcoin Wallet Right Now — Australian Government Considers “National Security Risk” App

The Australian government has stated that popular Chinese-owned social media platform TikTok is under scrutiny for any potential risks it may pose to user privacy or potential national security risks as new evidence emerges that TikTok could compromise user security — including cryptocurrency wallet data.

The social media app, owned by China-based Bytedance, recently opened new offices in Australia amidst international privacy concern that saw TikTok banned in India and US President Donald Trump promoting a campaign to ban the app as part of a new presidential re-election campaign.

Prime Minister Scott Morrison has stated that the Australian Government is currently “having a good look” at TikTok, hinting that an Australian TikTok ban is not out of the question:

“If we consider there is a need to take further action than we are taking now, then I can tell you we won’t be shy about it”

TikTok Accused of Leaking User Data

Concerns regarding the potential security issues presented by TikTok aren’t limited to national security, however. Independent penetration testing and cybersecurity firm Penetrum has published extensive documentation focusing on TikTok, condemning the app for spying on and gathering the personal information of all users.

Penetrum data, published via a public data repository and presented via a security analysis white paper, levels concerning claims against TikTok, claiming that over 37 present of known IP addresses linked to the platform are based in China and that the application harvests and shares data with third party vendors and business partners.

What does this mean for cryptocurrency holders, investors, and traders that use smartphone-based wallet applications, though?

Independent Audit Highlights Severe Security Risk

Penetrum data indicates that TikTok presents a severe security risk due to:

  • Always-enabled remote webview
  • OS-level command access
  • Compromised device information and GEOlocation data
  • User activity monitoring

Based on the evidence presented by Penetrum, TikTok is able to read and share clipboard — or copied and pasted text — on user devices, or access camera functionality without altering the user. 

While many wallet apps generate cryptocurrency wallets without user string input, there are many extant apps in use today that allow users to paste private keys when importing wallets — potentially revealing them to malicious applications.

While Penetrums findings have yet to be backed up by additional studies by other third-party cybersecurity firms, the international concern directed at TikTok due to privacy concerns should cause smartphone crypto wallet users to consider whether the social media platform is worth the risk.

Categories
Australia Bitcoin Bitcoin Mining

South Australian Electricity Now Cheapest in Aus — But Bitcoin Mining Remains Unprofitable

South Australian electricity prices are set to fall below Victorian and NSW prices for the first time in almost seven years, providing SA residents with significant reductions in power costs. 

Despite the significant price decrease in electricity costs, however, Bitcoin mining across Australian remains largely unprofitable for Australian Bitcoin miners. 

Major Australian energy supplier Origin is set to provide South Australian residents with savings of 5.6 percent this year, with default contracts falling 4.4 percent. AGL, similarly, will be lowering average household electricity prices by 2.7 percent during the 2019 to 2020 financial year.

SA energy regulator ESCOSA has published data that indicates an average saving of $62 per household in the state. SA Minister for Energy and Mining, Dan van Holst Pellekaan, highlighted the importance of providing South Australian households with affordable energy rates amidst the current health and economic crisis:

“Cheaper wholesale electricity is very good news for South Australian businesses large and small and will assist our economic recovery as we emerge from the coronavirus lockdown”

Australian Bitcoin Miners Operate at a Loss After Halving

Energy prices may be falling in South Australia — but it’s not yet time to break out the ASICs. 

Even at Australia’s lowest energy rage, equivalent to 20.47 US c/kWh, Bitcoin mining remains largely unprofitable, with even the most advanced and efficient ASIC units running at a loss.

One of the most profitable ASICs in the market at the moment — the Bitmain Antminer Z15 — operates at a loss in Australia. With best-case Australian energy prices hovering around $0.29/kWh, the Z15 would cost roughly $10.34 daily to run, with a total daily income of 0.000072 BTC, yielding a daily loss of $9.40 and an annual loss of roughly $3,430.

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Australia Bitcoin Crypto Debit Cards Crypto Exchange

Revolut Hints Toward Australian Launch of New Crypto Service

Crypto, gold and stock trading platform has announced the launch of new cryptocurrency trading services across the United States, with the digital bank platform stating that Australia is next.

Revolut customers across 49 US states are now able to purchase, sell, and trade both Bitcoin and Ether on Revolut’s crypto platform. The UK-based platform launched services in the US in March 2020, but held off on launching crypto trading features due to regulatory hurdles.

The new crypto trading facilities provided by the platform are delivered in partnership with Paxos, a New York-based trust. In addition to assisting with the launch of Revolut’s new crypto trading feature set, Paxos is also launching a new crypto brokerage platform, providing custodial services for clients such as Revolut and handling regulatory compliance.

Paxos CEO Chad Cascarilla has stated that the new launch will streamline the process of entering the crypto market for firms, providing financial enterprises with access to APIs that deliver regulatory compliance and a range of technological capabilities that facilitate the purchase or sale of crypto. 

Revolut to Launch New Crypto Service for Aussies

Revolut crypto chief Edward Cooper expressed future plans for the new crypto trading capabilities of the Revolut platform, noting that the Asia-Pacific region — specifically Australia — will be the next country to access the new crypto trading feature set. 

“We’ll launch the core product first and then see what steps we need to make to launch the crypto product. We’ll probably be fastest to market in the Australian market, so I’d imagine Crypto Australia is next.”

In addition to cryptocurrency and security trading features, Revolut also provides users with the ability to spend cryptocurrency directly via crypto cards, a market currently limited within Australia.