Category Archive: australian government

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Australian Postal service will use blockchain

Australian Postal service will use blockchain applications to solve problems related to identity.
According to a recent report published by ZDNet, the Postal Service wants to create a private blockchain to be used for accreditation and e-voting.
The company revealed this project back in March, when CEO Ahmed Fahour explained use cases related to digital identity.
Also, a partner for the Australia Post Accelerator, Rick Wingfield, explained that the distributed ledger could help the government to verify identities. 
These are Wingfield’s words during the Technology in Governance conference last week:
“If we’re going to successfully digitize the economy and the hard parts of the economy that haven’t been digitized yet … the hard things like health, education and government services, those things require trust. If we’re going to digitize some of those things, then we need to know someone is who they say they are.”

Australian Government supports the Blockchain

This project came after the news that Australian government wants to support the blockchain.
The government, in fact, published a statement earlier this year where explains its intention to simplify laws for Fintech companies and to end the double taxation for bitcoin transactions.

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Australian commission said blockchain can help governments regulation

On February 15th Greg Medcraft, chairman at Australian Securities and Investments Commission (ASIC), stated that the blockchain can have “profound implications” on how government regulates the markets.
During the Official Monetary and Financial Institutions Forum Roundtable held in London, in fact, Medcraft commented that regulators need to better understand this technology before thinking how to regulate it.

How to adopt the Blockchain

Medcraft also said that if capital markets will adopt the use of the blockchain it will be able to improve market efficiency and the access to markets, decrease fees and help transactions transparency.
“Blockchain will have profound implications for how we regulate. We will need to find the right balance between speed of execution and streamlining of business processes. As regulators and policy makers, we need to ensure what we do is about harnessing the opportunities and the broader economic benefits, not standing in the way of innovation and development.”
Medcraft also spoke about how Australian securities regulators act, talking about surveillance of firms, products released in the market and the development of methods to involve the blockchain.
“We are working to understand how enforcement action can be taken where a transaction entered into here or overseas is recorded in the blockchain”, he said.

Australia is in the vanguard

Previously this year, the Australian Stock Exchange (ASX) revealed its plans to adopt the blockchain for trades clearing and settlement.
To do so, the ASX wants to create its own private blockchain with the partnership of Digital Asset Holdings (DAH).
The first phase of this program will run at the end of 2016 and will replace ASX’s existing trading and risk management systems.
To know more about this project, you can read the full press release here.

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Amelia Tomasicchio