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Australian blockchain delegation heads to New York

Australian blockchain delegation heads to New York article image

Australia’s blockchain capabilities and technologies will be showcased to global leaders and investors in the US later this month.

A 26-member Australian delegation will attend Consensus 2017 in New York from May 22-24.

They will present globally competitive and innovative solutions across the spectrum of industry applications, from digital currencies and payments to agricultural supply chains, smart contracts and identity management.

Consensus 2017, now in its third year, has become a landmark event on the blockchain calendar. The event attracts global professionals from leading industry startups, investors, financial institutions, and academic and policy groups who are building the foundations of the blockchain and digital currency economy.

Nicola Watkinson, Austrade’s Senior Trade and Investment Commissioner, US and Canada said, the mission to Consensus 2017 provides a unique platform to profile Australia as a global leader in the testing and development of blockchain technology and standards, and position Australia as an attractive investment destination.

“New York City is also a hotbed for blockchain technology, management and innovation. From digital currencies, to payments, decentralised energy to smart contracts and cloud storage, New York City is a vital research, development and deployment market for disruptive technology,” said Ms Watkinson.

Secure transactions

Blockchain technology has attracted increasing global attention due to its ability to disrupt existing business models and processes. This emerging technology has the potential to build trust, reduce cost and accelerate secure transactions across a range of sectors.

By using cryptography, blockchains can allow multiple parties to keep private information private, while remaining publicly auditable, providing a foundation for multi-party trust.

Blockchain technology is also increasingly becoming a viable tool for financial services startups and large corporations.

“Australia is well positioned to provide global leadership and has become a pioneer in proof-of- concept and adoption of blockchain technologies. Australian financial institutions, in particular, stand in a globally competitive position,” Ms Watkinson added.

Just this month, the Australian Government announced its intent to eliminate Bitcoin double tax in its 2017 Budget. Specifically, it will seek to align the GST treatment of digital currencies such as Bitcoin with regular currencies in a bid to promote the growth of Australia’s fintech industry.

Innovation programs

“Australian corporates are also embracing blockchain technology,” said Nicholas Giurietto, Chief Executive of the Australian Digital Currency and Commerce Association.

“All four major Australian banks have blockchain innovation programs that have already delivered successful proofs of concept.”

“Commercial deployment of a blockchain-based solution by one or more players in the finance sector is likely within the next 12 months.”

The Australian Stock Exchange (ASX), is another embracing blockchain technology, evaluating replacement options for its clearing, settlement and asset registration with broader plans to become the first exchange in the world to upgrade to post-trade services using the technology.

Blockchain report released

Also, Standards Australia is leading the development of International Blockchain Standards as Chair and Secretariat for the International Organization for Standardization’s (ISO) technical committee on blockchain and distributed ledger technologies.

“In March this year, Standards Australia released its Roadmap for Blockchain Standards Report which outlined how the organisation will work to deliver measures to support the privacy, security and interoperability of blockchain systems globally,” said Dr Bronwyn Evans Standards Australia Chief Executive Officer.

“It is this stewardship which demonstrates Australia’s global leadership in the world of blockchain and further underpins our participation at Consensus,” she said.

Consensus 2017 will feature more than 100 speakers and 2,000 attendees representing over 800 companies from 35 countries.

The Australian blockchain delegation to Consensus 2017, is an initiative of Austrade, Data61 and the State Governments of NSW and Victoria, with the support of the Australian Digital Currency and Commerce Association.

With a network of six offices in New York, San Francisco, Washington DC, Boston, Chicago and Houston, Austrade is well placed to assist Australian businesses.

Visit Austrade’s US Market Profile for more information about doing business in the United States. 

www.austrade.gov.au

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