Australia Crypto Research and News


#1

Hi all,

Wanted to start a thread of my home country, Australia and what we are getting up to locally around Blockchain Technology. Please excuse our fairly “unique” Government which goes “Full Retard” on occasion, they do not represent the average countryman.

I would like to start the thread with a little news around the Sydney University of Technology and a small group of technology scientists who have created something a bit more unique in concert with the CSIRO (Commonwealth Scientific and Industrial Research Organisation of Australia - A Govt Sponsored entity which holds the majority of Australian Patents, including the patent on WiFi - which was developed by the CSIRO!)

To the more interesting subject:

http://redbellyblockchain.io/

and the whitepaper:
http://csrg.redbellyblockchain.io/doc/ConsensusRedBellyBlockchain.pdf

The Team have successfully demonstrated the processing of over 700,000 transactions per second, which far exceeds any other project (and even VISA), that I have seen and did it on 100 virtual machines. The Blockchain technology is also un-forkable and is capable of reaching consensus even when under attack or during multiple failures using a binary Byzantine consensus algorithm.

There is some really unique innovation in this blockchain technology and it is not the only project like this in Australia. Best of all, this is not an entity trying to go to market with something everyone else is doing, its a RnD group first and foremost. However, as with most projects that go like this through the CSIRO, they will patent the technology.

As I find more interesting things in my country, I will try and keep the thread going.

Stay Fishy!


#2

keep it up! Im interested in my own country as well


#3

Is there a link to them demonstrating 700k tps?


#4

Sorry, no public link for the demo, I know some people at the UTS.

However, this one is public from last year:

That one shows:

“660,000 transactions per second on 300 machines”

There has been much further strides recently and the private machines housed at the CSIRO in North Ryde, Sydney have achieved much better throughput, I believe it is because the systems are connected via Infiniband technology which facilitates 80Gb/s data transfers between systems on 4QDR Fibre.

Public Demos have been in AWS using standard virtual machines.


#5

Ok. Thanks for the info! :slight_smile:


#6

Hi all,

One more interesting article for today:

DigitalX actually posted a Profit!

When there is a gold rush, be the one selling the spades (like Antminer), but in this case, they sell consultancy, advice and plans to new Crypto startups.

Stay Fishy!


#7

Certainly seems more legit than ‘bitcar’ ( another Aussie project ) :smile:


#8

LOL yes!

I’m sure a bunch of people here know a lot more about Crypto and Startups that the dudes at DigitalX. You are worth big money these days!

Perhaps an idea to go into Crypto Consultancy yourselves :smiley:


#9

Hi All,

Todays Blockchain in Australia: 8common (ASX: 8CO)

Revolutionary software enabling unprecedented levels of functionality is on course to hit the ASX via fintech provider 8common (ASX: 8CO) after the company announced its membership in Hyperledger, a not-for-profit (NFP) organisation led by The Linux Foundation.

At this time, 8common has three distinct products (Expense8, Perform8 and Realtors8) being marketed and sold to customers and generating around $1 million in the last financial year.

In addition, Enterprise software firm 8common has confirmed that two federal government departments are now using its travel and expense management product, Expense8, in a bid to achieve greater transparency on the costs associated with public service staff travel.

8common brings exciting and innovative enterprise software concepts to life. 8common’s software solutions help customers get organised, boost productivity, and deliver results.

Currently, Hyperledger is a global collaboration of more than 200 organisations including leaders in finance, banking, IoT, supply chain, manufacturing and technology.

“8common is incredibly excited to join the Hyperledger family and we look forward to contributing our experience to design, develop and operationalise blockchain solutions,” said Mr Nic Lim, Executive Chairman of 8common.

“The community’s development efforts have led us to release two production-ready frameworks and we’ve grown to more than 200 members in that time. Members add a great amount of value to our ecosystem and I look forward to contributions by this new set of organisations as more production deployments take shape later this year,” said Brian Behlendorf, Executive Director of HyperLedger.

By becoming a member of Hyperledger, 8common joins international powerhouse members such as IBM, Intel, the London Stock Exchange, State Street, Wells Fargo, Cisco, CLS, Digital Asset, Fujitsu, IC3, Mitsubishi UFJ Financial Group, SWIFT, Vmware, and ANZ Bank.

So, how does Blockchain fit into this product suite?

Using the power of Blockchain Technology, digital document management solutions can be built to track expenses (Expense8), manage surveying documentation and analysis (Perform8) and manage the digital documentation, purchase orders, invoicing and remittance around the Real Estate marketing sector (Realtors8).

Blockchain technology facilitates the use of digital document management and verification, supply chain management and digital supply chain documents (purchase orders, invoices) with immutable storage of digital contracts. This could be used in almost every business sector. It has the ability to replace “EDI” as we know it today.

EDI is Electronic Data Interchange and contains a list of standard document definitions
such as this list here: https://en.wikipedia.org/wiki/X12_Document_List

Blending Blockchain Technology with standard document definitions and management
software that promotes interoperability between disparate businesses throughout the world, may well be one of the best use cases of Blockchain Technology that could benefit every business sector.

Stay Fishy!


#10

Standard disclaimer: I am not a financial adviser, I am not being paid by any entity to report on any company, I am a freelance writer that enjoys blockchain technology and how companies approach blockchain to benefit the business.

As a personal note, I wouldn’t buy shares in any companies being reported, the stock market goes up and down faster than a sailor in a whorehouse.

Stay Fishy!


#11

JD.Com Launches Australian Beef Blockchain Project!

Chinese online giant JD.com (the Amazon of China) is partnering with Australian beef exporter InterAgri to launch a blockchain-enabled tractability system aimed at providing greater transparency about the source origin of beef sold in China.

InterAgri also plans to sells premium Pure Black Angus Beef sourced from Australian farmers to Chinese consumers via the JD.com platform. The new partnership follows JD.com opening its first Australian office in Melbourne last month to support Australian exporters selling to China as a part of the Silk Road project (which may also include Taobao).

“The blockchain system is planned to be implemented later this year and will enable consumers to track each piece of Pure Black Angus Beef back to the originating farm in Australia” was quoted by InterAgri.

Alibaba is also working on a blockchain project to enhance traceability of food products. In March last year the company announced it has signed a memorandum of understanding with PwC, Blackmores and Australia Post to explore blockchain technology to curb the sale of counterfeit food products online.

Ensuring the origin of food products is a key concern for Chinese businesses where consumers are increasingly focused on product authenticity and safety.

At the end of last year, JD, Walmart, IBM, and Tsinghua University National Engineering Laboratory for E-Commerce Technologies launched the Blockchain Food Safety Alliance, which is designed to enhance food tracking, traceability and safety in China to achieve greater transparency across the food supply chain.

“We’re increasingly implementing blockchain-enabled traceability solutions to give consumers confidence that they are buying safe, reliable products for their families,” said Chen Zhang, JD.com’s CTO.

Stay Fishy


#12

AUSTRAC is building a blockchain for anti money laundering reports!

Australia’s financial intelligence agency AUSTRAC is building a proof of concept that would automate some anti money laundering and “know your customer” reporting on the blockchain.

The agency is looking into “smart contracts” for international funds transfer instructions (IFTIs) and threshold transaction reports (TTRs).

Both form part of banks’ obligations under national anti money laundering and counter-terrorism financing legislation.

At the moment, regulated banks must submit a TTR to AUSTRAC within 10 business days after a transfer of $10,000 or more occurs.

AUSTRAC is exploring whether it can turn these reports into smart contracts that live on a blockchain.

“The changing nature of technology and potential uptake of blockchain applications and platforms across the financial services sector, present significant opportunities for AUSTRAC in collaboration with reporting entities, research institutes and law firms, to lead the way in understanding the use of smart contracts for automating AML/CTF KYC [know your customer] obligations,” the agency said in a submission to an Australian parliamentary inquiry.

AUSTRAC said blockchain-based smart contracts had the potential to provide increased cost savings to industry “by embedding a large proportion of the KYC and transactional reporting requirements in code”. It would also increase the speed of KYC processes, reduce regulatory burden, and develop a “rules-based process for transaction reporting”.

The initiative was born out of the innovation hub AUSTRAC has established in partnership with the public-private Fintel Alliance.

Stay Fishy


#13

AUSTRALIA FOR BITCOIN!

Buying Bitcoin or Ethereum in Australia is now as easy as walking to the nearest newsstand. Cryptocurrency exchange bitcoin.com.au has launched the convenient service, after installing out the infrastructure in various locations since 2016.

Though easier than ever, many individuals still aren’t accustomed to the idea of buying a digital product from a physical vendor. In an interview with 9Finance, CEO Rupert Hackett explains:

“When your product is totally digital it can be hard to gain trust from consumers because there’s no tangible product being handed over. Using newsagents provides consumers with a convenient and trusted way for investors to buy cryptocurrency.”

The addition of Ethereum sales to the Bitcoin-focused exchange’s might come as a bit of a surprise, but Hackett claims it was necessary, due to the steep price tag of Bitcoin potentially scaring off new investors:

“Traditionally, the only people who knew about Ethereum or wanted to buy it were those who already had bought Bitcoin. But now that cryptocurrency is more well-known we found that Ethereum’s cheaper price point made it a more digestible value proposition for buyers.”

Assuming users have properly set up their own mobile, desktop or cold-storage wallets, Hackett says buyers will have their cryptocurrency of choice in their digital wallets in 20 minutes or less, on average. Purchases from these newsstands aren’t exactly cheap, however. Purchases made on March 1 are fee-free, but any purchases made after that carry a rather hefty 5 percent fee.

The increased ease of purchase for Australians undoubtedly represents yet another positive step towards the mainstream adoption of Bitcoin and Ethereum as viable cryptocurrencies.

As of today, Australians are now able to buy Bitcoin and Ethereum from more than 1,200 newsagents around the continent.

Stay Fishy


#14

Australia, Crypto and Law

The Feb/Mar18 LIT Feature document is now available:

BLOCKCHAIN TECHNOLOGY AND REGULATORY INVESTIGATIONS

For those interested, the document details information around blockchain and emerging regulatory laws coming into play in the U.S. and Australia.

Stay Fishy


#15

#16

Bitcoin and Blockchain Fair in Sydney, Australia - May 2018

https://bitcoinandblockchainfair.com/

Being held at the Sydney Olympic Park (which means organisers are expecting large numbers of participants).

Interesting list of topics, but ticket prices are a bit high for such an event, many other events held at that location are usually less on the ticket price.

Stay Fishy


#17

Shareroot’s engagement of blockchain advisor enhances security of content platform

Shareroot provides its UGC marketing to large corporates such as Costco (NASDAQ:COST) and McDonald’s (NYSE:MCD) franchisees.

Stay Fishy


#18

Commonwealth Bank of Australia, is looking at potential blockchain payments apps.

Three weeks after the launch of the National Payments Platform (NPP), the Commonwealth Bank if Australia (CBA) says it is signing up consumers for its PayID service at the rate of 10,000 people a day.

Pay ID lets people use just their mobile phone number to trigger a payment. The bank has also floated the idea of letting people use their social media accounts as the front door to their bank accounts.

Meanwhile BPay, which launched the first NPP overlay service, called Osko, claims its service is notching up as many as 80,000 transactions a day.

Launched in February the NPP network has been under construction since 2014 when SWIFT won a 12-year contract to build and operate the NPP. The $1 billion cost of the NPP is being funded by a dozen financial services companies including the big four banks.

According to Michael Eidel, CBA Executive General Manager, Cash-flow and Transaction Services for the CBA, on Friday the bank broke through the quarter of a million Pay ID registrations mark.

Leila Fourie, CEO of the Australian Payments Network, said that although the NPP was not able to process cryptocurrencies; “There are plausible opportunities for an infrastructure like the NPP to connect to distributed ledger technologies.”

Dr Fourie said that smart contracts constructed using blockchain could integrate with the NPP to allow instant payments with that data fed back to the blockchain.

Ms Slade (executive general manager of deposits and transaction services for NAB - the National Australia Bank) said that cross border transactions was another area where it might be possible to integrate the NPP with blockchain technologies.

The “Big Four” banks of Australia are:
National Australia Bank (NAB)
Commonwealth Bank of Australia (CBA)
Australia and NEw Zealand Banking Group (ANZ)
Westpac Banking Corporation (WBC)

There 4 banks control 86% of all loans provided in Australia.

===

Mike Fishy says: Mobile phones are the weakest link in security. There is absolutely no way I would tie my mobile phone to my bank account for payments - ever. Having been an Android code developer and contributor, I have seen the issues. On top of this, the Commonwealth Bank of Australia is suggesting to link your bank account, phone and payment system to your social media? Oh my, what could possibly go wrong?

I have reached the conclusion that Australian banks have gone Full Retard.

Stay Fishy


#19

Fatfish Appointed As Blockchain Advisor to London Football Exchange

ASX-listed international venture builder Fatfish Internet Group Limited (ASX Code:
FFG) (“FFG” and “the Company”) is pleased to announce that FFG has today been
appointed by London Football Exchange Ltd (“LFE”) as its Blockchain Advisor in Asia.

LFE is UK based company and will become the World’s first blockchain based football
club stock exchange. As a group, the London Football Exchange (“LFE”) is a
financial, technology, media and entertainment company that intends to operate
globally in the professional association football (soccer) industry. The LFE Token which has been created by U.S Blockchain and Regtech innovator Securrency Inc, will be the underlying cryptocurrency powering the LFE Group, which will allow football fans globally to receive frictionless engagement with their favourite clubs from point of
sale in stadium benefits, ticketing and indeed the world’s first blockchain powered
football club equity exchange.

Thre are three primary components provided by LFE to its partnered football clubs
and the global football fanbase for a global engagement experience:

• Firstly, the LFE Token enables the global economy running the loyal fan
experiences with payments, rewards and other related services. The LFE
token will not only be used in the LFE Market, but within participating venues
and their surrounding business community.

• The second is the LFE Exchange where it will be a licensed Multi-lateral
trading facility (‘MTF’) trading platform supporting the final component.

With the appointment FFG will work closely with LFE to identify suitable blockchain
and cryptocurrency technology companies to be plugged into LFE’s current and
future operation. FFG’s subsidiary, Singapore based CryptoFoundry Pte. Ltd. will be
appointed by LFE to assist LFE to marketing and managing its online community
across Southeast Asia. The commercial arrangement between FFG and LFE for this
project involves multiple engagement arrangement that sees FFG and
CryptoFoundry Pte. Ltd. being remunerated in both Ethereum tokens (ETH) and the
LFE tokens.

FFG notes the following in relation to cryptocurrency-relaed business activities:

• Investment into cryptocurrencies is high risk in nature as cryptocurrencies are
curently highly speculative

• Cryptocurrency-related businesses have a number of other risks factors,
including but not limited to the following:

I. The development of new regulatory framework involving cryptocurrencies

II. Cryptocurrencies, cryptocurrency exchanges and its related topics of
Initial Coin Offerings (ICO) have raised regulatory issues across multiple
jurisdicitons. A number of regulators have issued guidance on the
relevance of their existing securities and financial services laws with
regards to ICOs that have underlying cryptographic tokens that are
securities or investment in nature.

III. The regulatory status of ICOs in some of these overseas jurisdictions is
subject to potential changes and increasingly stringent regulatory oversight.

IV. in many countries cryptocurrencies are subject to anti-money
laundering and counter-terrrorism funding legislations.

For its cryptocurrency-related business activities FFG has and will always endeavour
to the best of its ability to ensure that FFG and its subsidiaries comply with relevant
local in-country regulatory requirement.

Fat Fishy!


#20

Why Australia can lead in quantum computing, blockchain and AI

TLDR;

Quantum Computing, Artificial Intelligence and Blockchain to power the Australian Stock Exchange.

Lots of high profile people, the ASX, the Government, Banks, the main Telco and RnD (Quantum Sciences) banding together to innovate.

“We need to break down the barrier between academia, government and industry.”

Stay Fishy