Category: Blockchain

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Australia Blockchain Crypto News

Australia’s Prized Kakadu Plum to be Traced Using Blockchain

The highly prized Kakadu plum, a rich natural source of vitamin C and an internationally recognised native Australian superfood, is at the centre of an Australian government grant of A$455,100 to design a blockchain-based Indigenous certification and accreditation system to improve its traceability.

The Northern Australia Aboriginal Kakadu Plum Alliance consortium is the official recipient of the grant, to be managed by the Mamabulanjin Aboriginal Corporation (MAC). The latter will deploy the funding to develop a Kakadu plum database using blockchain and iso-elemental technology.

Certification to Fight Fraud and Boost Consumer Confidence

In announcing the grant, Minister for Agriculture and Northern Australia David Littleproud said that resultant certification will combat food and ingredient fraud in international markets and provide ongoing assurances to consumers.

This grant will not only verify provenance of the Kakadu plum, it has the potential to be adapted to other high-value supply chains. The Kakadu plum is starting to grab the attention of the cosmetics and nutraceutical sectors, both here and overseas. Improving traceability will assist the sector to continue growing, while protecting traditional and Indigenous knowledge.

David Littleproud, Minister for Agriculture and Northern Australia

MAC CEO Neil Gower predicted the project would help make Indigenous producers more competitive internationally.

This is a fantastic opportunity, not just for the Northern Australia Aboriginal Kakadu Plum Alliance, but for Kakadu plum growers across Australia. We’re hopeful that this project could eventually be used by other Indigenous producers of Australian native foods, like macadamias, finger limes and lemon myrtle.

Neil Gower, CEO, Mamabulanjin Aboriginal Corporation

Blockchain Gains Traction Across Australian Industries

The adoption of blockchain technology is set to streamline a range of Australian industries. Last month, the construction industry was advised that distributed ledger technology, virtual design and onsite drones could keep track of a building’s structural state to avoid disasters such as the Miami apartment building collapse in June.

Also last month, Australian mining company Progressive Minerals announced it was implementing a new infrastructure powered by the Bitcoin SV (BSV) blockchain to enhance its operations through the use of NFTs and tokenisation.

And last year, the government joined with supply chain industry experts to recommend blockchain technology as a solution to widespread fraud in the food and wine industry, which costs Australian businesses over $1.7 billion every year.

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Australia Blockchain Crypto News

Could Australia Use Blockchain for COVID Vaccine Passports?

Tech experts propose that the Australian government could use blockchain technology as the framework for securely storing and sharing vaccine passports.

There are plenty of examples of the medical industry utilising blockchain to safely store and share data, but so far most governments have been resistant to using the relatively new technology in this way.

However, it is not unprecedented. San Marino recently announced it would be using VeChain to issue NFT-based vaccine passports. Could Australia be headed the same way?

The Case for Blockchain

Blockchain could be an excellent choice for storing and distributing vaccine passports. Used together with an app, QR code, or linked to a smart chip in a physical passport, it would be simple to use, incorruptible and easy to standardise, and would require no manual data entry.

VetDB – a tech company that has used blockchain technology to help vets eliminate paperwork, centralise records and improve data accuracy – has already developed a blockchain-based passport for animal vaccines to fight the Hendra virus, alongside a prototype for a Covid-19 vaccine certificate that can be attached to smart chips in ID cards or passports.

Passport to Freedom or a Digitised Prison?

The vaccine passport debate has been raging globally all year, with compelling arguments on both sides. As the world becomes increasingly pandemic-fatigued, some countries are turning to vaccine passports as a potential way to return to normal and begin the long road to economic recovery.

However, many argue that freedom of movement is an essential human right and that governments do not have the right to spy on their citizens.

Indeed, vaccination passports do seem inherently at odds with the ethos of blockchain and crypto, which is freedom, decentralisation and, for many, privacy. For some, vaccine passports are a significant and symbolic battleground for freedom and liberty.

Vaccine passports are the gateway to a totalitarian, digitalised prison system from which it will be very difficult, if not impossible, to escape. Which is why if we’re ever going to stop this, it has to be now.

UK journalist Neil Clark

Blockchain Here to Stay

Regardless of which path Australia takes in relation to vaccine passports, one thing is certain: blockchain technology, crypto and NFTs are becoming increasingly commonplace in almost every industry, a sure sign of mass adoption.

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Bitcoin Blockchain Crypto News

New Record: $15.3 Billion Worth of BTC Moved in One Single Block

A Bitcoin whale has moved 2 percent of Bitcoin’s total supply, worth US$15.3 billion, in a record single transaction, pushing the price up 8 percent to break through the key resistance level of US$40k for the first time in over a month.

The one-of-a-kind transaction of 400,519.2286 BTC was processed as an entire block on the Bitcoin network. It was recorded on Blockchain.com as Block 692828: “This block was mined on July 27, 2021 at 11:58 AM GMT+10 by Poolin – it currently has 205 confirmations on the Bitcoin blockchain.”

Documenting Bitcoin confirmed the milestone transaction on Twitter:

How Bitcoin Blocks Work 

The blockchain is a shared public ledger on which the entire Bitcoin network relies. All confirmed transactions are included in the blockchain. It allows wallets to calculate their spendable balance so that new transactions can be verified, ensuring they’re actually owned by the spender. For more, watch how blockchain technology works here.

The sea is rising again. After almost a decade, a wallet containing 791 BTC became active again earlier this year. The Satoshi era wallet drew the attention of Whale Alert by making a transaction worth over US$21 million. A few months earlier, a Bitcoin Whale moved A$1 billion of BTC into storage.

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Blockchain Crypto News E-commerce NFTs

Shopify Merchants Can Now Sell NFTs Directly on the Platform

Popular e-commerce platform Shopify is gradually tapping into the non-fungible tokens (NFTs) trend. In a recent tweet, president Harley Finkelstein mentioned that Shopify merchants can now sell NFT content directly from their online stores. 

At the moment, this offering is only available for a limited number of merchants. “A select few for now. Stay tuned,“ the president said. 

Chicago Bulls to Debut First NFT Sale on Shopify

According to Finkelstein, the Chicago Bulls basketball team will be hosting one of the first NFT collection sales under Shopify. The so-named “Bulls Legacy Collection” will be a limited edition offering to highlight the team’s six World Championship rings and NBA titles. 

The Chicago Bulls NFTs were minted on Dapper Labs’ Flow blockchain, and “no more than” 567 will be minted. 

Before Shopify offered this capability, merchants would have to sell through a third-party marketplace [with] less control of the sale and customer relationship. Once again, we are putting the power back into the hands of merchants and meeting customers how and where they want to buy.

Shopify president Harley Finkelstein

Shopify Keeps Drawing Close to the Crypto Space

Shopify is one major e-commerce company that has tried to blend into cryptocurrency trends. Since 2014, the company has been supporting crypto integrations. As recently as April 6, Shopify CEO Tobi Lutke showed interest in DeFi, asking for opportunities and suggesting the role the company could play in the decentralised finance space. 

Last year, Crypto News Australia reported that Australian developer Jeronimo Backes was working on an integration that will enable Shopify stores to accept payments easily in Cardano (ADA).

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Australia Blockchain Crypto News Regulation

Blockchain Australia Wants ‘Safe Harbour’ for Crypto Businesses Amid Regulatory Uncertainty

In yet another petition to bring clarity to the regulatory framework for cryptocurrencies in the country, Blockchain Australia and industry-related partners have issued a set of regulation recommendations to the federal government.

The file of recommendations was submitted to the Senate Select Committee on Australia as a Technology and Financial Centre on July 23, with three primary points in response to the committee’s request for submissions on how to take the country forward as a technology and financial leader.

What Are the Recommendations?

The paper prompts the federal government to implement a “coordinated and graduated approach”, considering:

  • implementing immediate safe harbour provisions for crypto providers
  • greater regulatory guidance and engagement in the short-term
  • a long-term, fit-for-purpose legislative framework

The government and relevant regulators should provide crypto asset providers a safe harbour until such time that they introduce guidance or legislation. Any legislation should contain an appropriate transition period and not apply retrospectively.

Blockchain Australia submission to Senate Select Committee

The organisation emphasised its interest in cooperating with various Australian regulatory bodies, including ASIC, the Reserve Bank of Australia and the Australian Taxation Office.

Improving the Fintech and Blockchain Industry in Australia

Blockchain Australia has been a cheerleader for the blockchain community in the country, calling for support for all crypto users and companies affected by the country’s lack of regulatory clarity.

In February, the organisation, together with RMIT, sought more government support for the blockchain and crypto community, stating that while local authorities have taken great steps to improve the sector in Australia, it was falling short compared to other countries.

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Australia Blockchain Mining

BHP to Use Blockchain Traceability in Nickel Deal With Tesla

Australian mining giant BHP Group has entered a nickel supply deal with Tesla for its electric car batteries. The companies will also be collaborating to build blockchain-based supply chain technology for raw material traceability and more.

According to a release from the BHP mining group, it will be partnering with the electric car and sustainable energy company, Tesla. The supply agreement will allow Tesla to source sustainably mined nickel and reduce dependence on Indonesian suppliers who have doubled the carbon footprint.

We are delighted to sign this agreement with Tesla Inc and to collaborate with them on ways to make the battery supply chain more sustainable through our shared focus on technology and innovation.

Vandita Pant, BHP Chief Commercial Officer

Headquartered in Melbourne, Australia, BHP stated that the metal will be supplied from its Nickel West operation in Western Australia.

Demand for nickel in batteries is estimated to grow by over 500 per cent over the next decade, in large part to support the world’s rising demand for electric vehicles.

 Vandita Pant

Role of Blockchain in Supply Chains

In addition to the supply agreement, BHP and Tesla will develop blockchain-based solutions to track raw materials from mines to production. By tracing materials, companies can verify the origins and production methods used to remain compliant with responsible mining practices, in turn leading to a more sustainable value chain.

A blockchain implementation also allows proof of responsible sourcing to be shared while protecting confidential or competitive information.

In Australia, blockchain technology has already been used in the food and wine industry to protect supply chains against fraud.

BHP Moving to More Sustainable Mining Practices

The global mining company which extracts and processes minerals, oil and gas has committed to cutting carbon emissions by 30 percent by 2030. BHP’s long-term target is to reach net-zero operational emissions by 2050 and has already invested US$400 million toward climate change efforts in 2019. It is working with customers to lower emissions from the steel-making industry, which is among the world’s heaviest polluters.

BHP Nickel mining facility. Source: BHP.com

BHP will also collaborate with Tesla Inc on energy storage solutions to identify opportunities to lower carbon emissions in their respective operations through increased use of renewable energy paired with battery storage.

BHP produces some of the lowest carbon intensity nickel in the world, and we are on the pathway to net zero at our operations. Sustainable, reliable production of quality nickel will be essential to meeting demand from sustainable energy producers like Tesla Inc […] Our nickel is essential to a decarbonising world and Nickel West has a global advantage in the sustainable production of nickel.

Edgar Basto, President, BHP Minerals Australia
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Australia Blockchain

Australia’s Construction Industry Warned to “Use Blockchain” After Miami Building Collapse

Last month, a 12-storey apartment building collapsed in Miami, Florida, leaving more than 90 people dead and 11 injured. Dr Duncan Maxwell, a researcher at Australia’s Monash University, says next-generation technologies like blockchain can help avoid these types of disasters in the construction industry.

Maxwell, an expert on modern construction methods at the Melbourne-based institution, says that distributed ledger technology, virtual design and onsite drones are powerful tools that can keep track of a building’s structural state.

The central issue, according to Maxwell, is poor or non-existent records that make it hard to identify structural issues in the design and construction stage. Without reliable records, building managers have fewer tools to keep buildings safe and well maintained. These technologies can also alert managers to detect structural issues for existing buildings as well as those under construction.

Concerns Over Structural Issues in Coastal Australia

The collapse of the Champlain Towers South block in Surfside, Miami has raised concerns over the structural design of buildings and their maintenance, especially in coastal areas of Australia. Maxwell is worried that building conditions in those areas will become more challenging as extreme weather events increase in frequency as a result of climate change. 

Australia has a lot of buildings in coastal environments and many of them are of a similar age [to the Miami building] and built in the 1980s.

Dr Duncan Maxwell, Monash University

Blockchain-Enabled Construction Methods Add Transparency 

Srinath Perera, director of Western Sydney University’s Centre for Smart Modern Construction, says blockchain technology can add transparency to the construction industry by keeping track of every event. “It’s almost impossible to fool,” Perera says.

Use Cases of Blockchain in Australia

Blockchain has been used in Australia before to create eco-friendly apartment complexes. Perera says blockchain can help facilitate the construction industry’s complicated supply chains system.

This is why the WSU Centre has been working on a blockchain-enabled system where each payment is recorded through multiple computers rather than kept in a centralised location, and if a payment is missed the system won’t be able to proceed. Building clients unknowingly pick up interest on delayed payments as construction companies add around 20 percent to construction costs to finance unexpected delays.

Implementing blockchain supply chain solutions enables more transparent and accurate end-to-end tracking. This way, companies can digitise physical assets and create immutable records of transactions in a decentralised manner.

As Crypto News Australia reported last year, blockchain also has a space in the agriculture sector as more companies tap into supply chain solutions. Even the Aussie mango industry can benefit from blockchain.

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Blockchain Crypto News DeFi Travel

Decentralised Accommodation Site Grows 120 Times Faster Than Airbnb

Dtravel, a new decentralised travel platform in the home-sharing economy, has already recorded massive growth. On July 21, the company announced it had signed on over 200,000 properties in more than 2000 cities since last month’s launch.

Dtravel’s goal is to have over one million listings within its first 12 months of operation. At the current rate of expansion it has acquired listings 120 times faster than Airbnb, which took two and a half years to acquire 50,000 listed properties.

The company combines efforts from former executives of Airbnb, Expedia, and Binance-backed Travala.com. The platform aims to enhance short- and long-term stays, which can be paid for in cryptocurrency and by traditional methods.

The platform will be governed by the Dtravel Decentralised Autonomous Organisation (DAO) and users who hold TRVL tokens. Tokens can be staked to qualify for rewards, book stays and participate in platform governance.

This is done by leveraging decentralised finance (DeFi) blockchain technology to facilitate smart contracts, which cuts out the middleman and acts as the backbone of the platform.

Recently, ShapeShift crypto exchange also decentralised the company and left operations to the DAO. Australian lawmakers are in the process of establishing DAOs as their own entity.

With travel starting to rebound and a record level of interest in blockchain technologies like cryptocurrencies, Dtravel gives eager people what has been missing to date: control and ownership over their own travel experiences. By allowing guests and hosts full participation in their experiences and in the economy they are creating, Dtravel fulfils the true mission of sharing economies.

Jochem Wijnands, founder, TRVL

Dtravel already has partnerships with large property managers Ministry of Villas and In Residence. More partnerships are being finalised and will be announced soon.

Home-Sharing Economy in the Hands of the People

Among current problems with the home-sharing economy are that a handful of centralised corporations dominate it, and that it is categorised by high fees, impersonal communication mediated by companies, and a lack of crypto payment options.

Dtravel wants to solve these problems by “putting ownership, control, and decision-making back into the hands of users through blockchain technology”. By doing this it has reduced fees – which can run as high as 20 percent – down to 7.5 percent, allowing hosts to earn more per booking.

Additionally, TRVL tokens can be used to align the company with the economic interests of its users, not just those of the organisation and its shareholders.

The next generation of hosts want a true sharing economy, not a shareholder economy. Dtravel is the opposite of a centralised company; decision-making power and value within the platform are shared by members of the community, meaning hosts and guests.

Luke Kim, marketing lead, Dtravel

The Dtravel main network launch, along with the booking platform, will be ready for use by both hosts and guests by Q3 2021.

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Australia Blockchain Crypto News NFTs

Aussie-Based ZED RUN Raises $20 Million for NFT Racehorses

Virtually Human Studio (VHS) has raised US$20 million in a funding round involving formidable American VC firms Andreessen Horowitz (a16z) and The Chernin Group (TCG).

The Australian digital entertainment company plans to expand the operations of its non-fungible token (NFT) horseracing platform known as “ZED RUN”, which allows users to trade, race, breed and own racehorses as so-called “breathable NFTs“.

TCG and Andreessen Horowitz Back Aussie ZED RUN

VHS bagged US$20 million in Series A, which was led by TCG and included Andreessen Horowitz, plus Red Beard Ventures, as per the July 21 announcement.

With the fresh capital, VHS will build out its operations and products with ZED RUN to offer more improved creator tools for virtual racehorse owners. The company is looking to expand its workforce to establish deeper partner integrations and legacy brands.

Our vision for the future is to build a creator economy within the ZED RUN metaverse where players can work in professions such as stable owner, racetrack owner, breeder, accessory designer, and more […] We are also working to partner closely with brands to produce immersive sponsorship experiences.

Chris Laurent, CEO, Virtually Human Studio

The announcement also confirmed a growing interest in virtual racehorses. So far, over US$30 million in NFT racehorses has been traded on ZED RUN, ranging from US$130 to U$45,000 per horse based on their unique programmed characteristics. 

VCs Are Betting Big on NFTs 

Venture capital companies such as Andreessen Horowitz have been investing heavily on NFT platforms since the industry boom began this year. In March, NFT marketplace OpenSea closed a Series A round, raising up to US$23 million from Andreessen Horowitz and other companies, to expand its business. 

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Australia Blockchain

Queensland Company HydroREC to Offer Blockchain Certifications for Renewable Energy

An Australian company based in Brisbane has been established to provide blockchain-enabled certification of green hydrogen projects.

HydroREC will develop solutions that help the green hydrogen industry independently validate claims about the origin and qualities of its products, to ensure people can be confident they’re buying or investing in hydrogen made using renewable energy. 

HydroREC’s solutions will be deployed on blockchain infrastructure from Smart Trade Networks, which is also a founding shareholder of the company.

Key Concerns for Green Hydrogen

According to Smart Trade Networks, fraudulent credentials, international incompatibility and duplicate selling are key concerns for green hydrogen, requiring greater transparency. They argue:

There is a crying need for global standards for credentials in this space, and for the credentialing processes and supporting claims, evidence and documents to be registered in a secure, transparent and publicly accessible data environment.

Smart Trade Networks, founding shareholder of HydroREC

HydroREC’s team has extensive experience in both renewable energy and technology systems. The company recently became a founding partner of the Zero Carbon Certification Scheme run by the Smart Energy Council – a peak body for the solar, storage, and smart energy sector.

The industry-led scheme will track green hydrogen product quality and the greenhouse gas emissions associated with its production.

Energy Space Ripe for Crypto and Blockchain Solutions

Renewable energy and emerging technologies appear to be a great match: