A Timeline of Blockchain Development in Australia (So Far)
Here’s everything you need to know about decentralisation down under.
2019 is the year Ethereum turns 4 and Bitcoin goes into double digits. The blockchain revolution has become a global phenomenon, and widespread application of decentralised technology by individuals, startups, enterprise, and governments alike is within sight. As the small but innovative country that invented Wifi, Google Maps, and the black box flight recorder, what has Australia contributed to the blockchain ecosystem?
Since 2016, Australia has had its first Initial Coin Offering (ICO), banks and the Australian Securities Exchange (ASX) have experimented with blockchain technology, cryptocurrency payments have been more widely accepted, and we’re now beginning to ask ourselves questions like — could an Australian company change the way we trade electricity?
Let’s look back at some of the examples that put Australia on the global map, and what to expect in 2019…
June 2016 — The Australian Securities Exchange (ASX) looks to Blockchain for the future of trading.
The ASX became the world’s first major trading exchange to announce the adoption of blockchain technology to develop a new post-trade platform based on distributed ledger technology to record shareholdings and manage the clearing and settlement of equity transactions.
September 2016 — Australia is awarded the tender to standardise blockchain technology.
Standards Australia was approved by The International Organisation for Standardisation (ISO) to lead an international technical committee to develop standards to govern distributed ledger technology.
The committee, which includes ISO members like the US, UK, Germany, Canada and Japan, will create a common language for interoperability among systems, privacy, security and terminology.
October 2016 — Incent followed by ChronoBank announces Australia’s first two Initial Coin Offerings (ICO).
Cypto-business hub Bitscan, launched Incent, a platform for customer loyalty rewards using the Incent token. Unlike traditional loyalty programs that involve merchants issuing points, merchants using this model will buy Incent tokens and give them to customers. Customers can then sell them or redeem them for goods at any of the participating merchants. Launching on 1 October 2016, Incent raised over $1 million.
Chronobank.io is an HR and recruiting ecosystem that includes a hiring marketplace, decentralised exchange, multicurrency wallet, and time-based coin. The project was announced in October 2016 and raised $7.8 million in February 2017.
Jan 2017 — Australia’s largest bank, the Commonwealth Bank of Australia (Commonwealth Bank) issues a world first.
The Commonwealth Bank used its capital markets blockchain platform to issue a cryptobond for the Queensland Treasury Corporation (QTC), making it the first government entity in the world to do so.
Using the blockchain platform, QTC could view investor bids in real time, finalise investment allocation and settle instantly with investors. The bond was created in digital form using smart contract technology and has the ability to automatically pay coupons to the current holder when due.
October 2017 — Australian Securities and Investments Commission (ASIC) publishes ICO guidelines and Power Ledger raises $34 million in one of Australia’s most successful token launches.
ASIC’s guidelines provided information on how to operate within its regulatory framework while encouraging innovation and the development of new financial business models. The approach taken was to provide a suite of regulations that might apply to public and private companies when it launch an initial public offering (IPO), raise funds from existing shareholders, or offer financial services.
Later that month, Power Ledger became the first ICO to be launch after ASIC’s guidelines were published. Power Ledger, which uses blockchain technology for households to trade surplus solar power, raised an initial $AU17 million in a pre-ICO, producing 1 billion “POWR” tokens, and then offered around a third of them for public auction.
January 2018 — WWF uses blockchain to tackle illegal fishing and human rights abuses.
There is a chance consumers may unknowingly buy tuna from illegal operators. It was announced that Ethereum technology could soon allow consumers to use a smartphone app to reveal where and when the fish was caught, by which vessel and fishing method. WWF-Australia, WWF-Fiji and WWF-New Zealand have teamed up with ConsenSys, TraSeable, and Sea Quest Fiji Ltd. to deliver the project.
April 2018 — An end-to-end real estate transaction was built on the Ethereum blockchain.
OpenLaw is a blockchain-based protocol for the creation and execution of legal agreements. OpenLaw, in conjunction with leading Australian law firm, Corrs Chambers Westgarth showcased how OpenLaw and the Ethereum blockchain can be used to manage, automate, and streamline the sale of land, reducing commercial friction and transaction costs. built an end-to-end real estate transaction on the Ethereum blockchain.
May 2018 — Brisbane International becomes the World’s First Crypto-Friendly Airport.
Using Travelbybit’s platform, which supports Bitcoin, Ethereum, Dash and other cryptocurrencies, major retailers at Brisbane airport will start accepting these as payments, making it the world’s first crypto-friendly airport.
July 2018 — Commonwealth Bank of Australia (Commonwealth Bank) leads Blockchain collaboration to deliver future of global trade.
Commonwealth Bank demonstrated a new blockchain platform underpinned by distributed ledger technology, smart contracts, and the internet of things (IoT) to facilitate a shipment of seventeen tonnes of almonds from Australia to Germany
This collaboration between the Commonwealth Bank and five Australian and international supply chain leaders successfully tracked the shipment from packer to end delivery in parallel to existing processes.
August 2018: Queensland Government to back City of Bundaberg to accept cryptocurrency payments for tourist attractions and local companies like the Bundaberg Rum Distillery.
Backed by $100,000 in State Government funding, the city of Bundaberg will roll out cryptocurrency point-of-sale systems across multiple locations that will accept Bitcoin, Litecoin, Dash, Ethereum and XEM.
Locations will include the Bundaberg Rum Distillery, the Bundaberg Airport and a range of small businesses with the hope that this will drive tourism for the region.
September 2018: RMIT Launches Two New Blockchain Courses.
As the ecosystem continues to grow, there is a demand from workers for knowledge and certification on Blockchain technology. The Royal Melbourne Institute of Technology (RMIT) announced courses that will provide an overview of the technology, including the understanding of how to design blockchain infrastructure and how to think strategically about implementing a blockchain solution into the core of their businesses.
December 2018: Australia Government departments to use blockchain based SAAS platform.
Australian government cloud infrastructure provider, AUCloud, has integrated a blockchain based operating system into their software-as-a-service cloud platform which is currently used by major Australian Government departments, including Defence.
2019 and beyond…
2019 started off strong with another University, Swinburn, investing in the technology. The institution identified blockchain as the heart of the fourth industrial revolution and digital economy, and that it will be a platform that will support and drive global supply chains and trade across a range of industry sectors forward.
In partnership with Capgemini, Swinburn University will build a ‘Global Blockchain Centre of Excellence’ in Melbourne. With RMIT and Swinburn playing their role in the ecosystem, other universities in Australia will be expected to join in in 2019 and play their role in preparing the workforce of future in which blockchain technology will be a critical component of.
Not to be left behind Melbourne and Brisbane on blockchain innovation, the South Australian Government announced it will use Blockchain technology to conduct an official election. This will be an Australian first, and will encourage other states and territories to follow suit.
Another highlight of 2019 so far has been the completion of the Hayne Royal Commission into the banking industry. Could more Australian banks in 2019 start to use Blockchain technology to improve transparency and efficiency?
Across the world, financial institutions are continuing to utilise the technology, with the most notable example being J.P. Morgan using Ethereum to launch a ‘digital U.S. dollar’. Along with CBA, the other banks in Australia are expected to make further strides in this space in 2019.
And it’s not just banking, government or academia, more Australian institutions and companies in a wide range of industries including retail and healthcare will utilise blockchain as it moves from being a buzzword to becoming a critical component of their success.
Disclaimer: The views expressed by the author above do not necessarily represent the views of Consensys AG. ConsenSys is a decentralized community with ConsenSys Media being a platform for members to freely express their diverse ideas and perspectives. To learn more about ConsenSys and Ethereum, please visit our website.
