“China has the most active digital investment and start-up ecosystem in the world, and has emerged as the world’s largest investor in fintech. The Chinese blockchain ecosystem is rapidly growing with a reported 456 blockchain companies at the end of March this year. Data from the World Intellectual Property Organization reveals China was the largest blockchain patent filer in the world in 2017, with China contributing 225 international blockchain patent applications, followed by the USA with 91 filings and Australia with 13.
China’s State Council has endorsed blockchain technology as part of an Information Technology Reformation Strategy in China’s 13th Five-year Economic Development Plan (2016-2020) with President Xi Jinping calling the technology a “breakthrough application” in May 2018. In fact throughout 2018, Chinese local government authorities have demonstrated a pro-blockchain attitude, funding multi-billion dollar initiatives and blockchain-based networks.” – Austrade
Against this backdrop, the Australian Trade and Investment Commission, more commonly known as ‘Austrade’, in partnership with the Australian Digital Commerce Association (ADCA), convened a delegation including blockchain scale-ups, legal firms, and venture capitalists, to showcase their capabilities as the game-changers in the next frontier of trade between Australia & China.
At this stage, it’s worth noting the value that Austrade bring to the table as a facilitator of international trade. They:-
- connect export-ready Australian businesses to overseas opportunities and work with them to achieve commercial outcomes
- win productive foreign direct investment
- promote Australian capability internationally
- work with priority industry sectors to drive sustained long-term growth of Australian exports
- reduce the time, cost and risk for our clients
- provide authoritative commercial insights and information to help clients to make informed business decisions
- inform and influence policy to support positive trade and investment outcomes
- provide financial assistance for exporters through programs like the Export Market Development Grants scheme
- support Australia’s regional exporters through the TradeStart network
- contribute to economic diplomacy and protect the welfare of Australians abroad through timely, responsive consular and passport services in specific locations.
From the outset, it was clear from the immediate camaraderie among the delegates that, in addition to the access that would offered into the Chinese market, there would be considerable value in Australian companies supporting and networking with one another, and in so doing forming relationships that will accelerate their own projects and agendas.
Perhaps in the context of the Chinese having banned ICOs since Q3 2017, there was clear focus on how blockchain could be leveraged within the value chain of traditional businesses. This theme seemed to be underscored in the serendipitous timing of two press releases during the Mission. Firstly, one of the delegates, Craig Dunn of Standards Australia, was featured in the Australian Financial Review championing the need for Chinese tech giants such as Alibaba, Baidu, JD and Tencent to becomes key developers of Blockchain Standards in order to engender trust in the new systems. Then we had the Australian Prime Minister, Scott Morrison, supporting the narrative that distributed ledger technologies and blockchain are going to open up “massive opportunities” in the financial sector and beyond.
This was certainly in evidence during visits to some of China’s most prominent finance companies, including Ant Financial (a subsuidiary of Ali Baba), Ping An (a leading insurance and financial services company) and Dianrong (a Chinese fintech ‘unicorn’). The welcome the delegation received at each of these venues was warm and it was clearly apparent that blockchain technology has brought an additional dimension to Chinese-Australian trading relations.
With new partnerships on the horizon that will offer access to the unparalleled Chinese market, the BlockBoxx team is extremely buoyant about the commercialisation opportunities we can offer our clients.
Action packed interviews with the evolutionary entrepreneurs, businesses and those behind the blockchain technologies leading the way in Western Australia.
Top industry experts in this field gathering together to discuss how crypto and blockchain are transforming business. This is a chance to find out everything you need to know about the latest innovations in cryptocurrency and blockchain happening right in Perth, WA.
Anja Nova – Power Ledger
Mark Andrich – Sustainable Platform
Allan AKA ‘Big Al’ Connolly – GEN Australia
Aden Michielsen – Taurus Institute
Abheeti Pass – Crypto Clotheline Radio
Chinelle Westhuizen – University of Notre Dame.
Dirk Baur – Professor of Finance at the University of Western Australia (Perth).
Joshua Hunt – HopgoodGanim Lawyers
Johnny Swanepoel – Blockchain Fremantle, Blockchain Perth
Martin Purcell – Titan Digital
Nick Martin – Taurus Institute
We live in a fast-paced world where commerce is built on the backbone of reliable tap & go transactions. A superior alternative emerged with the birth of Bitcoin; trustless p2p electronic cash that’s independent of central banks, governments, or any other centralized middle-men. Bitcoin allowed people create secure, instant transactions that were virtually free. These characteristics made it a convenient payment method for merchants and users, as you only needed to broadcast your transaction to the network and you’re done.
What we’ll do
Hayden Otto explains the corporate takeover of Bitcoin and discusses the CoinGeek Conference that was held on May 18 in Hong Kong.
After that Brendan Lee will look at the implications of the hard-fork upgrade which occurred on May 15.
What to bring
• Mobile phone
• An open mind
Please download a Bitcoin Cash wallet. We recommend Bitcoin.com, download it at https://wallet.bitcoin.com. After the meetup there is always a social event where fellow BCH enthusiasts can shoot the breeze on topics far and wide.
Important to know
• The Brisbane Bitcoin Cash meetup is funded in part by the Bitcoin Cash Fund with money being used to provide refreshments and to give meeting attendees small amounts of BCH to demonstrate wallet functionality. To learn more about the Bitcoin Cash Fund, please visit https://www.thebitcoincash.fund/
The buzz at Consensus, the blockchain industry’s conference of the year, held at the Midtown Hilton in New York, was in evidence long before you even got to the hotel. Even JFK’s notoriously stern Passport Control officials were put at ease upon hearing that the purpose of my trip was a blockchain conference. “So you’re a bitcoin guy?” Well I suppose I am…
Perhaps the event is a microcosm of the industry itself. If the number of attendees hasn’t quite risen parabolically since the inaugural 400-person edition in 2015, the 8,500 in attendance this year certainly reflects the frenzied mass-market appeal that blockchain and cryptocurrency has come to command.
This new wave of latest recruits – and there’s no escaping the fact that this is the category in which I find myself – still have to prove themselves in the school-yard which has been the traditional domain of the original Bitcoiners. If institutions and non-native blockchain corporates are to be welcomed into the gang, more evidence of their ability to contribute to the broader adoption of the technology will be needed.
“I’m not interested in Bitcoin but there is huge potential in the underlying blockchain technology” is the maxim that the traditionalists are challenging. Have we yet to see a better use case of blockchain technology than Nakamoto’s original digital currency?
This all played out semi-dramatically in an exchange between Joe Lubin, the founder of the Ethereum startup studio Consensys, and Jimmy Song, a Bitcoin maximalist and partner at Blockchain Capital on Day 1 during a conversation about decentralized app store ‘Clovyr’. Song cited an “insurmountable disconnect between centralized enterprises and decentralized applications” and dismissed companies that are sprinkling “magical blockchain dust” in the name of innovation. Lubin returned the challenge with a bet of “any amount of bitcoin” that five years in the future, the blockchain space will include some number of applications – perhaps five – that have earned a yet-to-be-defined number of users.
What was clear from the heated on-stage debate is that the world is watching in anticipation of real traction in the space.
Other highlights in an action-packed 3 days included:-
- FedEx CEO Fred Smith revealing his company’s initiative to leverage blockchain because of its ability to add trust and create new chains of custody in the $50 Trillion shipping and logistics industry.
- Deloitte offering a snippet from their forthcoming executive survey which found that 74 percent of large companies across seven countries see a “compelling business case” for blockchain technology.
- Shapeshift Founder, Erik Voorhees, raising serious concerns about overly-bureaucratic regulations that are stifling innovation in New York (although the same could be said of big cities across the western world which are losing projects to more liberal innovation hubs like Singapore and Switzerland).
- And in a standing-room-only crescendo to the event, the ever-popular founder of Twitter, Jack Dorsey, expressing his hope that bitcoin would become the internet’s native currency.
Away from the headline acts, there was the opportunity to touch base with some of the well-known players in the cryptosphere to check-in on how they were progressing with their tech. Of the myriad stalls and pitches, I’d like to highlight two of the more creative ones… I’m not sure if it is a coincidence that both are alcohol-related!
Firstly, Vechain were on hand to demonstrate how their product addresses the issue of counterfeiting in the global wine trade. By scanning a QR code on the label, their Dapp can identify the provenance of each bottle providing a solution with obvious benefits to both consumers and manufacturers alike.
And with the perfect spot outside the main ballroom, the Civic stall was rarely quiet. The premise of their “Zero-knowledge” identity management app was that a customer shouldn’t have to disclose their name and address as part of proving their age when entering a club or buying a beer. A fridge full of free Budweiser was ample incentive for the conference attendees to put this solution to the test!
One of the simplest analogies that can be applied to the blockchain industry is that the race has not really started, we’re all just building our cars. Bitcoin is approaching its 10th anniversary as the undisputed front-runner and it’s going to take more than just “magical blockchain dust” for the non-financial use cases to gain the sort of meaningful traction that will inspire broader industry adoption.
Tuesday May 22nd 2018 marks eight years since the first recorded monetary value of bitcoin was recorded.
10,000 Bitcoin was used to purchase 2 pizzas and a legend was born.
The year, Blockchain Australia along with numerous other groups around Australia (and New Zealand) gathered in pizza restaurants and pubs to buy a pizza (with cryptocurrency if possible) and celebrate the growth in this industry, and thank goodness that those same two pizzas now cost only a thousandth of a bitcoin.
Included in this collage are pictures of celebrations in Perth, Auckland (from the headquarters of our newest Corporate Member BNC, Tasmania, Brisbane and Sydney.
Watch Aleks Svetski and Kosh Eek chat to Greg Medcraft the Director of Financial and Enterprise at OECD. Continue reading “Greg Medcraft OECD G20 Policy head battles Crypto and Bitcoin – by Decentralized Podcast”
Without fail, bitcoiners around Australia gathered to celebrate what is now know as “Bitcoin pizza day”. Here are some snaps from around the land and check #bitcoinpizzaday on Twitter.