Category: Industries

Ralph Kalsi — digital marketing hotshot and founder of leading Australian companies Ralph Kalsi Blockchain Consultancy and Blockchain Autonomous solutions — has become one of the brand ambassadors of The Algorand Foundation. 

The Nationally celebrated Blockchain Consultant Ralph Kalsi officially becomes the Brand Ambassador of Algorand.
Read more👉https://t.co/6HHHEh26zI#blockchaininnews #blockchainnews #cryptonews #news pic.twitter.com/0lqjDXHloJ

— Ralph Kalsi (@Ralph_Kalsi) October 13, 2020

Quicker Transactions, Quicker Proof

The Algorand Foundation is a non-profit organization that believes in open, public, and permissionless blockchain, which runs on a Pure Proof-of-stake (PPOs) consensus protocol.

The Algorand blockchain — and it’s cryptocurrency, named Algo —  ensures decentralization by using a Byzantine Agreement Protocol.

Byzantine fault-tolerant protocols are algorithms that are immune to arbitrary types of failures in distributed algorithms. Due to the omnipresence of the Internet, there has been a need to develop decentralized algorithms that are immune to malfunctions.

 With high-speed block finalization, Algo provides immediate blockchain transaction assurance. This quality alone makes Algorand highly useful to any business that was  — up until now — heavily dependent on the chain of intermediaries that support and secure transactions to a wide array of customers and employees.

 Algo’s ultra-rapid transaction delivery makes it scalable to billions of users and thus, useful to many industries — especially to the financial sector. No matter how many Algo users there will be, the transaction speed will never fall below 4.5 seconds.

The Algorand blockchain is also immune to forking. In blockchain terminology, forking is a problem that can occur when a blockchain splits into more than 1 chain — which can lead to doubts regarding the success of the transaction.

The Algorand blockchain has been built in such a way that forks are avoided, leading to a level of trust beyond most other blockchains.

A well-known innovator and champion of promising projects within the Australian fintech scene, Ralph Kalsi has decided to be one of the many faces of Algorand —  a project run by like-minded entrepreneurs and tech enthusiasts.

The National Blockchain Roadmap of Australia was established back in February of 2020.

Since then, more and more working groups have been formed, aiming to transform Australia into a country improved by revolutionary technology.

Following an onboarding and application process in July 2020, the government has formed working groups to research different applications of blockchain, and their potential use in the public sector – given their popularity in the private sector.

The first two working groups were established a month later.

August saw the foundation of the Supply Chain Working group, headed by Katie Ford and Dr. Mark Staples. The group is investigating the potential for blockchain technology to support trusted supply chains, with an initial focus on the agriculture sector.

The second working group established in August is headed by Dr. Chris Berg and Prof Jason Potts. It focuses on the use of blockchain to ensure credentials in the education sector – as well as the integrity of academic papers written and used in Australia and abroad.

A Renewed Focus On Cybersecurity And Compliance

On the 9^th of October, the next two working groups were formed.

The Cybersecurity Working Group will be focused on improving cybersecurity solutions in the era of asymmetrical warfare with blockchain technology.

Headed by Adriana Belotti and Steve Vallas, the top-notch team formed yesterday will be cooperating with CSIROs’ Data61 researchers, among others.

Last but not least, the second working group formed yesterday will focus on Regtech and Compliance. The aim of this group is to clear up bureaucracy and confusing laws in order to help businesses meet their regulatory obligations in a highly secure environment.

Among others, the CEO of Fintech Australia – Rebecca Schot-Guppy – is on the Regtech and Compliance team.

With the National Blockchain Roadmap rapidly meeting its goals, more announcements should be in the wings.

In the world today, humanity is more connected than ever before. We are all dependent on transportation networks, as well as logistical services and their vast network of supply routes. In 2020, we’ve seen a lot of unprecedented stress being put on logistical routes that worked fine up until now.

 Without long queues at the border, health checks, and quarantined areas, there was no need to change.

Blockchain Can Improve Transit Times

Artificial intelligence (AI) and blockchain technology will be key to enhancing Australia’s transport sector, according to a new report published by the Sustainable Built Environment National Research Centre (SBEnrc).

Based at Curtin University, SBEnrc produced its report in conjunction with the university’s Big Data and Smart Analytics Lab.

It identifies a range of benefits from adopting blockchain and AI, including road cost, time savings, improved operations, improved user experience, and improved freight and logistics.

According to Dr. Charlie Hargroves of the Curtin University Sustainability Policy Institute, it’s not just Australia’s food industry that stands to gain from hopping on the blockchain train.

“The report shows that the International Data Corporation anticipates that spending on Artificial Intelligence will reach US$57bn by 2021 and according to the World Economic Forum by 2027 some 10 percent of global GDP will be Blockchain-based. It will be important for industry and government to understand the unique opportunities that these technologies present”.

Although tracking numbers have certainly been around for a while, blockchain can guarantee the accuracy of all information pertaining to a package. Did it travel through a restricted area, like much of Italy was during the spring of 2020? Has the weight of a package been reduced during transit, pointing to a theft? Were the bay doors opened?

 All of these and more can be tracked via blockchain without the possibility of tampering, ensuring the integrity of a package.

In the case of public transport, blockchain could ensure a vehicle’s safety record is kept up to date.

In the case of a manufacturer looking to sign a contract with a carrier, the driving records of the carrier’s employees could have an influence on the outcome.

Although records are already kept, the number of companies involved can cause delays when all data must be compared and verified. Blockchain could easily remove the red tape.

As the Australian government continues to invest in Blockchain technologies, it’s not a stretch to imagine that the improvements imagined by SBEnrc will be put into practice in the near future.

Following the creation of blockchain work groups for various industry sectors across Australia a few weeks ago, Prime Minister Scott Morrison has unveiled an AUD 800 million Digital Business Plan for the government to follow.

The plan includes several non-blockchain initiatives – however, many of these are for Distributed Ledger Technology systems, a technology closely associated to blockchain.

These plans include an AUD 256 million investment for a system that will provide Digital Identification, and  an AUD 420 million Business Register that will greatly simplify the current methods used.

Compliance Costs Will Be Reduced Through Blockchain

Nearly 9.7 million AUD will be set aside for two new blockchain projects targeting business compliance costs – and the unnecessary amount of funding spent to check it.

According to PM Scott Morrisson, the business plan should help small businesses by cutting costs – and by removing unnecessary regulatory barriers.

“The Plan supports Australia’s economic recovery by removing out-dated regulatory barriers, boosting the capability of small businesses and backs the uptake of technology across the economy.”

A good deal of  other fintech initiatives were outlined in the new business plan, some of which could also have ties to blockchain – although this has not yet been confirmed.

Just a few weeks ago, the Select Committee on Financial Technology (FinTech) and Regulatory Technology (RegTech) published an interim report that was positive about blockchain. A fintech lawyer told the committee that the majority if FinTech and RegTech solutions are likely to use Distributed Ledger Technology within the next ten years.

At the time, Power Ledger’s co-founder and Executive Chairman Dr. Jemma Green also highlighted that although over $26 billion had been raised through ICOs, Australia gained less than 1 percent of the profit.

By properly regulating blockchain technology and ICOs even further, Dr. Green believes that tens of thousands of new jobs will be created, which will in turn bring in even more revenue to be invested in further development.

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

With Hedera technology also being recently unveiled as a blockchain-based partner for Australian industries, the adoption of blockchain in every corner of the Australian market is advancing at a steady pace.

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 allows producers to capture and map the movement of primary products in the agricultural process and then track the secondary manufactured products along supply chains." https://t.co/ZJ9KVQzveH

— Hedera Hashgraph (@hashgraph) September 21, 2020

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.

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

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

Ahead of European Legislation

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

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

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

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

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

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

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

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