4 Promising Blockchain Developments in Australia
Australia has become one of the best innovation hubs in the world, as its government is focused on modernizing the economy through technology. Naturally, blockchain is one such technology that the land down under is willingly embracing. While blockchain adoption in general is still slow on the rise, it pays to know what Australia is doing to push the technology forward. These developments help to put the country at the forefront of blockchain innovation.
National Blockchain Platform
Back in August 2018, the Commonwealth Scientific and Industrial Research Organization (CSIRO) announced its partnership with IBM for the creation of a national blockchain that would allow businesses to make transactions based on smart contracts. CoinDesk reports that the platform will set up smart contractsthat can record external data sources and can self-execute once specified conditions are met.
The CSIRO is set to pilot test the platform by the end of 2018. Regulators, banks, law firms, and other institutions were encouraged to participate in the project. If successful, the CSIRO intends to launch the technology to other markets outside of Australia.
Food Safety Trial
The country’s National Transport Insurance (NTI) just recently shared that it will participate in a blockchain trial that aims to improve food safety for beef exports. NTI is partnering with BeefLedgerfor a system aimed at tracking the provenance and production of Australian beef exports to Shanghai. The trial will monitor live cattle transported from the Limestone Coast to the processing plant at Casino in Wales and frozen for shipping to China.
According to BeefLedger, the track records, which would show the status of the beef’s integrity, safety, and provenance, are expected to bolster confidence in suppliers as well as increase the peace of mind of consumers.
Blockchain Energy Platform
The city of Fremantle kicked off a trial period for a blockchain platform by crypto startup Power Ledger that lets residents trade solar power. 40 households are participating in the trial, which will end in June 2019.
According to CCN’s write-up of Power Ledger’s project, the goal is to achieve an efficient balancing of energy supply and demand, since people can sell their excess solar energy generated by their rooftop systems. The trial is part of the RENeW Nexus Project, an initiative that explores the use of blockchain and big data to integrate distributed energy and water systems infrastructure.
Also, read – Impacts and Opportunities in the Finance Industry Due to Blockchain
Esports Blockchain Incentive Program
Gfinity Esports Australia is currently collaborating with Incent to build the world’s first live broadcasting rewards platform powered by cryptocurrency and blockchain. Fans watching the Gfinity Elite series will get the chance to be rewarded with tradeable currency based on their viewing time and levels of engagement. Esports audiences are generally tech-savvy, hence blockchain’s foray into the industry. The incentive program may pave the way for a new way for esports fans to interact and share value.
The Impact of Gfinity Australia’s Blockchain Incentive Program – The Esports Observer https://t.co/ZNlNop0aGG— Overt eSports (@overtesports) December 4, 2018
If successful, the program could branch out to other aspects, such as gaming streamers and actual sports viewing. Sports betting is legal in Australia, and fans are often invited to wager during significant sports events. The Gambling site’s overview of the Australia Open betsindicates that it’s a popular hobby in the country, seeing as there are betting guides and tips included. The incentive blockchain system could be integrated to online betting, so that viewers are rewarded regardless of the results of matches. In general, including viewing incentives may contribute to higher ratings.These advancements in different industries prove Blockchain Magazine’s sentiments on the technology’s potentialin becoming a universal platform. As one would notice, all these projects are still in development or trial period. If the results are largely positive, it could pave the way for wider blockchain adoption.