February 22, 2024

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Utilising the future of blockchain technology in Australia

There are opportunities for Australian businesses and government to be more involved in the future of blockchain technology.

This was the topic of conversation when the Minister for Human Services and Digital Transformation visited RMIT’s Blockchain Innovation Hub, which is a social science research centre on blockchain.

As reported, Australian businesses and governments have shown great interest in blockchain.

This is demonstrated by the increase in business and public sector blockchain use-cases and public funding of blockchain trials.

In a prediction by Garner, the business value-add of blockchain will grow to around A$ 176 billion by 2025.

The Minister’s visit should be viewed as a signal of the interest by Australian Government in guaranteeing that the country meaningfully participates in the exciting innovations presented by blockchain.

Furthermore, the meeting covered potential policy reforms to enable greater participation in the fast-growing blockchain economy.

A particular focus is to be given on social services, public administration, primary industries and trade.

Australia is uniquely positioned to take advantage of the economic opportunities flowing from blockchain.

Recent studies show that Australia has put in place some encouraging policies to encourage blockchain development.

The facilitation of additional use cases by public sectors is likely to increase familiarity with this technology, and promote confidence associated with blockchain throughout the broader community.

With reference given to the efforts of Melbourne’s Blockchain Centre incubator and the new Australian National Blockchain smart-contract consortia, Australia’s presence and leadership in the blockchain economy would only increase through the continued strengthening of pro-blockchain policies.

As proof of how blockchain can be utilised, a new software platform designed by RMIT students allows miners to trade on the future value of their unprocessed materials.

As reported, RMIT student and now Software Engineer said the software used financial algorithms along with transparent blockchain ‘smart contracts’, to enable the trading of derivatives.

Derivatives are financial contracts where buyers agree to purchase an asset, in this case unprocessed ore containing gold, on a specific date at a set price.

What the application does is to harness that future value of unprocessed materials today to give miners immediate cash flow and royalties from their stockpiles.

At the same time, this enables market traders to profit on future price increases.

But while people are already trading on the future value of processed metals and minerals, no one has applied the same pricing mechanisms and exchange styles higher up the supply chain to unprocessed minerals.

RMIT University students worked with Australia’s leading collaborative research and development group for the mining industry in order to develop the prototype software.

The mining industry context and knowledge on mineral price calculations were provided by the senior mining researchers of Mining3.

From this, the students developed the pricing algorithm, blockchain ecosystem and website interface.

The technology was built through interdisciplinary co-operation, with the solution combining mineral technologies and finance, deployed as a software service.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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