The NDIS disburses AU$25 billion annually.

Johnson is also concerned about the lack of co-design in the NDIA’s legislation and processes.

“This means that the end-to-end human experience does not systematically influence design and nor is the human experience safeguarded by a robust and independent ethics framework. The human is out of the loop,” she wrote.

“‘User testing’ is not the same as co-design.”

Secretary Campbell’s description of her one app to rule the world seems to miss users’ needs too.

“It would make life a lot easier and be able to tell people when they had appointments coming up, when they had obligations, when they had to return forms and the like and pay their tax.


In Brant’s great example of an insurance contract against drought for farmers, you need a gold-standard source of information, in this case an oracle, a national weather service that provides the information. And those cryptographic keys would identify it as national weather-service information.
That feels good.

If we think of other applications, things like insurance claims, the challenge there is, it could be the police, it could be a third party, who’s providing the information that says an accident has happened. Well, we can verify the who, who’s writing the information.
What we’re going to struggle with is the what. Could it be possible to actually write fraudulent data to blockchain? Of course. You have this off-chain versus on-chain problem, which is, we have no control over the information being written.

We just have the control over the author of that information.

It has evolved from a cumbersome tool used by crypto enthusiasts into a scalable decentralized platform for industry-specific applications.

Today, these blockchain-based applications are used by both niche startups and huge corporations like Kodak.

According to Forbes, blockchain applications are being developed for different industries:

– Cybersecurity

– Healthcare

– Manufacturing

– Legal and Government

– Charity

– Retail

– Real Estate

– Tourism

– Media

– and many others

This fact proves that blockchain is not only about financial transactions – it is able to facilitate virtually all sectors and helps us to deliver and store data more effectively.

But, what exactly can we develop and how much does blockchain cost to implement? Unfortunately, we cannot provide you with a clear-cut answer.

That is only one of multiple different sources of value.

Matt Higginson: I think the principle of disintermediation was a good one, in that the idea of democratization of data, streamlining processes, taking away the central agency power that could actually corrupt how data is being written and recorded permanently. When we looked at the practical applications today, and I’m sure we’ll talk more about that, the real irony in some ways is that in order to justify significant investment in this new technology, you actually need somebody to take a leading role very often.

You need someone to stand up and say, “I’m going to be the pioneer.
I’m going to develop the platform. And perhaps I’ll bring industry partners in.

Science, Energy and Resources told the Senate Select Committee on Financial Technology and Regulatory Technology it was using the Budget allocated cash for two pilot projects that are intended to demonstrate to industry how blockchain can reduce the cost of regulatory compliance.

At the time, the department could not disclose the recipients of the grants.

Aussie cryptocurrency industry unanimously calls for fit-for-purpose regulation

Cryptocurrency isn’t going anywhere, one Australian company submitted, and the local industry just wants to be covered by fit-for-purpose regulation.

NDIS sidesteps blockchain in government kitchen sink debt-chasing app

The Australian government is preparing to deploy income compliance against disabled people, and eventually a single app for all government services.

Each money transfer or payment is encrypted on a blockchain to ensure a safe transaction.

Industry Impact: The Circle Pay app acts as a group messaging app with a payment feature integrated within. In-between sending your friends selfies or memes, you can also transfer money cross-border and cross-currency without any fees.

Zcash

Location: Denver, Colorado

How it’s using blockchain in payments:Zcash is a cryptocurrency exchange platform using its own cryptocurrency (Zcash) to help people pay for goods and services.
You can use the company’s crypto to buy a house, purchase electronics or even to donate to a nonprofit.

Industry Impact: Zcash already boasts a wide list of companies that accept the crypto.

Right now in Australia the farmers, in many areas, haven’t had enough rain. If they had insurance contracts, these would simply automatically pay out on the basis of the limited amount of rain that we’ve had in the past month.

Dynamic registry, which you’d mentioned, is simply a database that updates as assets are exchanged.

This is the example of things like trade finance. These are things that are much higher throughput. The data isn’t very static. It is consistently changing as assets are moving around.

Payments is a clear one.
Lots of banks are experimenting with this around dynamic, distributed databases for payments of all types, including cryptocurrency. The sixth is technology itself.

I think that, much like with storing information in the cloud, there’s still uncertainty about blockchains. And there’s a bit of discomfort from a kind of public population and use of blockchain that has to be overcome, which is always a bit of a hurdle.

Then I think there’s a hurdle from a regulatory perspective. As we talked about earlier, you either have to be able to have a regulatory mandate, be a more dominant player, or there has to be a really compelling industry-wide business case. Blockchain is something that certainly benefits quite a bit from either regulatory barriers being raised or taken down.

Simon London: What about resource consumption? You mentioned earlier that blockchain can be quite computationally intensive.

I’m going to start a proof of concept [POC] for things like employee rewards points,” a use case that in no way would benefit from blockchain. “We have reward systems that work perfectly well without it. But if I announce I’m doing a POC, I can attract some attention, whether it’s from investigators or shareholders or the like.”

When we look at the balance between those three, probably that middle group is the one where we’re seeing the most traction.

We’re seeing blockchain as a banner to attract investment, to modernize an industry, agnostic potentially of the end solution, the technology being used.

Brant Carson: I agree with that characterization, Matt. And I think that the most important thing for a company to do or executives to do is to just be quite honest with themselves and practical about which of those three buckets their investment is fitting into.

For certain big, international money-transfer organizations, this has been a very profitable revenue stream. These are good margins. And these are margins shared out end-to-end across that payments value chain.

The promise of same-day, seamless, low-cost, cross-border payments—instantaneous payments using blockchain—is one that truly is disruptive.

To be fair to the industry, the major players have looked at this technology, but there’s always going to be a bit of a defensive play. Now, what we’ve actually seen in cross-border payments is that perhaps the dominant messaging player here, SWIFT, has looked at various technologies and has driven modernization using its global payments initiative to improve the customer experience, to get to that same-day experience.

That is forcing the industry to modernize.

And, naturally, those margins are coming down.

Because it is true that the Bitcoin implementation of blockchain was very much intended to use as much energy because it was supposed to be a barrier to entry. And there are many different implementations being created and also different consensus algorithms that are being experimented with in order to “solve” the hurdle of energy usage as well as transaction time to reduce the amount of time to complete a transaction.

Because right now to complete a Bitcoin transaction, most people don’t realize, it actually takes minutes to complete a Bitcoin transaction, where a transaction on a typical database takes fractions of a second.

Simon London: Well, I’m afraid that’s all we have time for today.

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