In this edition:
- CEO’s Report
- ADCA Partners to present ADC Forum Global Blockchain Summit
- Australian Blockchain Trade Missions
- Blockchain & GDPR
- ADCA Members Special Offer: Advanced Diploma of Applied Blockchain
- Welcome to our New Members
ADCA Priorities for 2019
Happy Australia Day!
And welcome back – if you’ve even had a break – to another exciting year of blockchain-based innovation in Australia.
January 3rd saw the 10th anniversary of the first bitcoin transaction, yet, despite amazing progress in many areas, the true potential of blockchain technology remains unfulfilled.
Perhaps 2019 will be the year of significant uptake? The Massachusetts Institute of Technology certainly thinks so with the recent publication of an article arguing that In 2019 Blockchains Will Start to Become Boring! MIT identifies three key factors that will play out in 2019:
- engagement of large institutional players in key blockchain projects;
- regulators becoming comfortable with blockchain innovations and approving new solutions;
- further improvements in smart contract technology enabling wider acceptance within multiple legal contexts; and,
- progress towards central bank endorsed cryptocurrencies.
2019 certainly won’t be boring for ADCA!
Key policy priorities of our industry working groups include:
- update to the Australian Digital Currency Industry Code of Conduct
- ongoing collaboration with AUSTRAC
- working with banks to provide secure banking relationships based upon trusted compliance model
Data Security Committee:
- release Australian Crypto Assets Data Security Standard
- facilitate best-practice exchange on data security for digital currency exchanges and token issuers
Token Standards Working Group:
- release Australian Token Issuers Code of Conduct to set best-practice standards for issuers of digital tokens
- commence Australian Token Markets Code of Conduct to develop best-practice standards for secondary markets for tokens
- work with ASIC and Treasury to examine potential regulatory improvements for securitised token offerings.
Tax Working Group:
- work with ATO to set consistent tax reporting guidelines for digital currency exchanges
- identify opportunities to provide clearer guidance to exchanges, token offerors and consumers on GST and CGT issues
- identify proposals for tax law and regulation enhancement
ADCA is also partnering with the ADC Forum to help produce the ADC Forum Global Blockchain Summit in Adelaide on 18 to 20 March (see next story) which is expected to attract numerous high profile speakers and an audience of over 500.
Finally, ADCA’s collaboration with Austrade will see Australian Blockchain Missions head to Dubai in April, New York in May and Shanghai in September.
CEO & Managing Director
ADCA Partners to Produce ADC Forum Global Blockchain Summit
Join Key Industry Players in Adelaide on March 18 to 20
ADCA is the official blockchain industry partner helping to produce the event.
The conference theme is:
Digital Assets & Distributed Ledgers: Confronting a Revolution of Change
The focus will be on the practical opportunities that industry can take to realise the full potential for blockchain technology as well as pragmatic options for government to encourage blockchain innovation.
The event will feature keynote presentations from blockchain leaders from across Australia and around the world, panel discussions, policy working groups and exclusive networking events. This will be your opportunity to not only get fully up to date with the latest trends in the blockchain world but also contribute to policy papers to help guide Australian governments as how best to utilise this transformative technology.
Confirmed keynote speakers include:
- James Shipton, Chair, ASIC
- Joe Schoendorf, Partner, Accel Partners
- Greg Medcraft, Head of Financial Markets, OECD
- Steven Marshall, Premier, Government of SA
- Lord Meghnad Desai, Adjunct Professor, LSE
And more big names are being added every day.
To register to click here!
I hope to see you soon in Adelaide.
Australian Blockchain Trade Missions in 2019
Join an ADCA – Austrade Blockchain Trade Mission
ADCA and Austrade have been working together for three years now to help connect the Australian blockchain sector to prospective customers, partners or investors around the world.
Over 80 Australian Blockchain companies have already participated in ADCA-Austrade Blockchain Trade Missions. Many have built valuable commercial relationships and all have come away with greater insight into latest industry trends.
In 2019, we are stepping that co-operation up another notch as part of the formal MOU signed by ADCA and Austrade in Shanghai in June 2018.
So grab your calendars and mark the following dates as big opportunities to join other Australian blockchain innovators in a blockchain mission to a key country in 2019:
Webinar: Smart Dubai present on their goals to have 50% of government interactions on the blockchain by 2021.
In the lead-up to our Blockchain Mission to the UAE, hear from Dr Marwan Al Zarouni, Founder and CEO of the Dubai Blockchain Centre and Nisha Ramisetty, Director of the Future Blockchain Summit at the Dubai World Trade Centre about the 20+ government supported blockchain projects an opportunities for Australian companies
4 – 9 March
Jakarta, Kuala Lumpur & Bangkok
Mission: Smart and Sustainable Cities ASEAN
Envirotech, WaterTech & Logistics opportunities for smart cities
26 – 29 March
Blockchain for aid and development projects. Learn about bidding opportunities for real ADB funded projects!
2 – 3 April
Blockchain Mission: to the UAE Future Blockchain Summit
Tap into the blockchain opportunities flowing from the Smart Dubai initiative
13 – 15 May
Blockchain Mission: to New York and Consensus
The Big Apple! Be in the heart of the action at the world’s biggest blockchain event.
(exact dates tbc)
Blockchain Mission: to Shanghai and Wanxing Blockchain Summit
Uncover opportunities in the world’s blockchain implementation powerhouse. While others are talking, the Chinese are building
Register your interest in participating in one or more of these Australian blockchain missions led by ADCA and Austrade by contacting [email protected].
Hope to see you there!
Blockchain and GDPR
EU General Data Protection Regulation and Blockchain can operate together
The launch of the EU General Data Protection Regulation prompted some pundits to claim that GDPR compliance is impossible for blockchains. Much was made of the immutability of blockchain records and the so-called right to be forgotten.
However, a closer look at the right to be forgotten or right to erasure suggests that the data does not have to be physically erased so long as it is “put beyond use”. UK guidance as to what this means indicates that the right to be forgotten can be satisfied so long as the data controller:
- is not able, or will not attempt, to use the personal data to inform any decision in respect of any individual or in a manner that affects the individual in any way;
- does not give any other organisation access to the personal data;
- surrounds the personal data with appropriate technical and organisational security; and,
- commits to permanent deletion of the information if, or when, this becomes possible.
In other words, a smart contract or other access protocol that excludes the possibility of the subject data from being accessed will satisfy the right to be forgotten without the need for physical erasure.
The French data protection authority, CNIL, has recently published useful English language guidance on impacts of the GDPR on blockchain projects.
Importantly, an entity that writes data to a blockchain will likely be considered to be a data controller for GDPR purposes and the developer of a smart contract or a blockchain miner are likely to be considered a data processor for GDPR purposes.
Further guidance is required but, although it is clear that GDPR will impact the users and developers of blockchain applications, there is no fundamental incompatibility between GDPR compliance and blockchain technology.
ADCA Members Special Offer:
Advanced Diploma of Applied Blockchain (10747NAT)
This month the first Trainers and Master Trainers in Applied Blockchain will be qualified in Australia and in February the first intake of students for the Advanced Diploma of Applied Blockchain (10747NAT) will begin their studies to be a part of this pivotal moment in the history of the application of blockchain, and blockchain adoption.
Blockchain Collective, the company behind the first accredited course in the application of blockchain has confirmed they currently have two Registered Training Organisations (RTOs) that will lead the way in offering the course.
The Advanced Diploma of Applied Blockchain (10747NAT) consists of eight modules and two optional non-core modules. It’s complexity covers topics such as analysing performance of a business model deployed on blockchain, to preparing an organisation for transitioning operations to a blockchain network. The course was designed with input from ADCA members and other key industry bodies.
There has been immense growth in interest of the applications of blockchain and distributed ledger technologies, and industry research shows a lack of skilled people in this field. Blockchain technology has been recognised for its ability to drive productivity, and offer transparency, security and validity. The course is designed to equip graduates with the knowledge and experience to apply blockchain frameworks in existing and new businesses.
Some major industries for blockchain usage are healthcare, banking, IoT, cybersecurity, cloud storage, government and mortgage. Recent data shows 69% of banks are experimenting with blockchain technology to make their services more secure, seamless and transparent.
“We have had a huge amount of interest in the Advanced Diploma of Applied Blockchain since our initial announcement in December. This only further validates the industry need and want for education in blockchain application”, Blockchain Collective’s Cofounder Nathan Burns said. “I feel the timing is comparable to the World Wide Web in the early 1990’s and today, 55% of the worlds population have internet access and use it on a daily basis. Just imagine where we will be in the next 10-20 years, now there is an accredited course.”
Blockchain Collective is a leading blockchain education body empowering enterprise, educators and students for a future in blockchain and distributed ledger technologies. They aim to service the growing demand for qualified and skilled people in the application of blockchain, worldwide. Their education is aligned to meet industry need of understanding the strategic approach to applying blockchain and DLT to new and existing businesses.
For ADCA members there is an opportunity to gain a priority spot in the course or a discounted rate. Please register your interest at www.bccollective.io.
Welcome to our new members
A warm welcome to our new members:
Cointree is one of Australia’s leading digital currency exchanges. It aims to support the widest range of cryptocurrency coins. Founded in 2013, the Melbourne based company has over 60,000 members and transacted over AU$100m worth in digital currencies. The company focuses on making cryptocurrency trading a simple, quick and secure experience. It achieves this by providing learning resources and useful trading tools in everyday language and jargon-free to its members.
Digital Currency Holdings (DCH) is a collection of asset management and blockchain advisory businesses, with global partnerships and connections. The founding partners have over 100 years of combined investment and management experience across Global Markets and Hedge Fund activities, including Fixed Income, Currencies, Commodities, Algorithmic Trading, Real Estate and Equities, as well as Private Equity and Venture Capital investing, primarily in technology-related businesses.
Hall & Wilcox is a pre-eminent independent business law firm. At Hall & Wilcox, our purpose is to enable our clients, our people and our communities to thrive, by practising Smarter Law. Smarter Law is how we will help our clients achieve their business objectives. Smarter law is how our people will prosper in times of change. Smarter Law means that we are imaginative, agile, tech savvy, collaborative and remarkable.
PlayUp is fully operational global sports and entertainment platform, specialising in daily fantasy sports, sports betting and online gaming offerings. The user experience is uniquely packaged with social interaction, community belonging and decentralised blockchain functionality.