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Blockchain-Based Tenancy Platform via REIQ-Igloo Collaboration in Australia

Real Estate Institute of Queensland (REIQ) has collaborated with Igloo, an Australian technology firm, to set up a tenancy agreement program that will be founded on the blockchain technology. This is intended to happen by the end of 2019.

According to news outlet ZDNet, Josh Callaghan, the general manager of REIQ stipulated that the innovative platform will utilize smart contracts in the creation of secure and easy transactions for every tenancy agreement generated. He asserted that the collaboration will be instrumental in leveraging optimal benefits of technological innovations, such as blockchain, as it will make the sincerity irrefutable.

Callaghan also noted:

“All parties will have visibility over the contract at any time from the palm of their hand. By executing as a smart contract, we’re also able to build out the functionality to handle payments of bond and rent, plus facilitate other activities related to the property such as routine inspections and maintenance.”

Blockchain as a game-changer in real estate

The partnership formulated will take efficiency in the real estate sector a notch higher as blockchain technology will enable the renting of properties simpler and transparent. Moreover, different stakeholders, such as tenants, will be able to view the rental sector in Queensland simultaneously.

Callaghan stipulated:

“The instant a tenancy agreement is signed, we will know how much a property was rented for, how long the agreement is for, how long it was vacant and so on, which will give the REIQ unprecedented insights into rental market trends as it happens.”

Australia has been gearing towards revamping its real estate sector using blockchain technology. For instance, in 2018, Australia’s New South Wales Land Registry hired ChromaWay in the development of a decentralized or distributed ledger technology (DLT) platform that authenticated the conveyance of electronic property.

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Australia Securities Exchange Moves For Blockchain Technology, CHI-X Calls For More Regulatory Supervisions

A report by Reuters on October 30, announced that the Australia Securities Exchange (ASX) plans on integrating distributed ledger technology by April 2021, replacing its clearing system, registry, and settlement with the technology for the sole purpose of cutting costs for customers. However, Chi-X, its only competitor, is afraid of the advantages the technology may bring to ASX and thus calls for more regulatory supervision on the issue.

CHI-X being concerned that the switchover to distributed ledger could give ASX an unfair advantage over them in areas where both companies compete made Chi-X General Counsel, Michael Soms, suggest that this should be regulated since it would be difficult for competition to bridge the moat of clearing and settlement.

“There’s a substantial moat around the ASX clearing and settlement business, and the CHESS replacement project is perhaps making it bigger. It would be challenging for the competition to bridge that moat – I’m not saying it won’t happen- but it needs to be regulated as if it won’t,” Soms said.

“There should be a legislative framework whereby the Australian Competition and Consumer Commission can act as an arbitrator in disputes. That should happen as soon as possible.”

However, a spokesman for the ASX said that the issue was a concern for the government since they are engaging closely with both government and regulators.

“We are continuing to engage closely with government and regulators, including the ACCC, throughout our CHESS replacement programme. We are focused on building a platform for the future that will stimulate further innovation and competition,” the spokesman said.

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Australian Companies Signed Deal to Develop Blockchain-Driven Virtual Power Plants

Power Ledger, a Perth-based energy trading software company, and Powerclub, an Australian electricity wholesaler, have signed a deal to offer households unparalleled authority over their energy usage via blockchain.

Power ledger is famed for its blockchain-enabled peer-to-peer framework that prompts energy trading between households. The commercial partnership, therefore, seeks to enable Powerclub users to pool their net battery and solar storage as this will serve as a virtual power plant (VPP). This will make them attain considerable access to wholesale electricity prices prompting more control over what they pay per their energy consumption.

The blockchain-enabled VPP technology availed by Power Ledger will permit Powerclub households possessing batteries to pool their stored solar power and sell it whenever price spikes and high energy demands are witnessed.

The Australian Urge for Energy Trading Platforms

The Energy Market Commission in Australia has already spelled out the urge for future grids to act as energy trading platforms.

Jemma Green, the chairman, and co-founder of Power Ledger stipulated: “The Australian Energy Market Commission has already flagged the need for grids of the future to become energy trading platforms. The future of the energy industry will be decentralized and democratized, like what we’ve seen happen to the taxi industry with rideshare apps like Uber and Ola. You no longer need to be a massive electricity company to commoditize energy,”

Under the present system, energy consumers do not get value for money as the electricity retailer usually subjects them to additional hidden costs and mark-ups to cater for supply costs. This approach makes high energy prices inevitable in Australia.

Powerclub’s CEO, Stuart McPherson, stipulated: “If there’s one thing that Powerclub stands by, it’s transparency. We’ve partnered with Power Ledger as we see their technology as being critical in reducing price opacity in the energy market.”

The blockchain-driven virtual power plant, therefore, seeks to offer households transparency about their energy consumption, as well as empower them economically.

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Australian Farmer Teams Up with FreshChain for Watermelon Traceability via Blockchain

Andrew Martens, an Australian owning Marto Farms, has joined hands with Fresh Chain Systems, a local tech firm, in deploying blockchain technology on his watermelon labels to propel traceability. Buyers across Australia will, therefore, be able to trace the originality of the fruit.

As reported by Bundabergnow on Nov 28, this blockchain solution allows consumers absolute transparency into the whole production process, allowing complete traceability of products from paddock to plate.

“The world has changed and people simply want to know more about their food, it’s location and those who produce it,” Martens said, adding,“Consumers can simply scan a QR code on our seedless melons label to see detailed information on the harvest, conditions, certifications and handy hints relating to that specific melon.”

Martens further revealed that through the platfom,“There is also a chance for the consumer to rate the produce and leave any comments and feedback.” He added, “We are inviting consumers to learn more about the product they are buying which will only enhance our offer and create long-lasting connection and loyalty in both local and export markets.”

Martens shared his optimism of rolling out the blockchain-powered solution to other produce as he views the innovative technology as a great opportunity to showcase Australian farmers’ world-class products, passions, and farming practices.

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Western Australian Police Force Seized 1.5 Million Worth of Crypto in a Drug Investigation

The Australian Border Force (ABF), the Western Australian Police Force announced that the force has arrested a 27-year-old man and a 25-year-old woman over drug probe, seizing and frozen an incredible amount of 1.5 million worth of cryptocurrency found in the electronic device held by the culprits.

According to the report, officers from the Australian Border Force (ABF) that alerted the Australian Federal Police and WA Police Force to the discovery. The real investigation was carried out by detectives from the WA Police Force’s Meth Transport Team.

“The ongoing partnerships between state and Commonwealth law enforcement agencies continue to provide WA Police Force with new intelligence and new lines of investigation to act on,” said Detective Senior Sergeant, Paul Matthews, Officer in Charge of the Drug & Firearm Squad.

The amount of cryptocurrency seized, according to Matthews, can be taken as the highest value the Western Australian Police Force has seized.

“While WA Police Force has seized millions of dollars’ worth of physical property and bank account assets in the course of several drug investigations, particularly those involving established criminal networks, the identification and freezing of over $1.5million of cryptocurrency in these circumstances highlights the current digital environment in which law enforcement agencies must operate.”

The report alleged that the culprits imported 27.5g of MDMA drug tablets and 27.5g of MDMA powder from the UK, which was concealed in a children’s toy painting kit. However, the police were able to identify the cryptocurrency by using their latest technologies and digital forensic techniques, which allow them to examine all availed means of holding financial assets. The said device targeted all forms of wealth, which were likely got from the illicit drug trade.

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The Adoption of Bitcoin May See Considerable Increase if the Proposed Cash Ban in Australia Activates

Under the new bill being considered by the Australian Parliament, people could be jailed for two years and pay a fine of $ 25,200 for just using more than $10,000. If this bill is passed, it will force its citizens to look away from traditional fiat currencies and go for decentralized digital currencies such as Bitcoin.

According to the Reserve bank, the intention of the federal government towards this $10,000 cash limit was to fight against the “black economy” and not to eliminate the use of cash. There have been a lot of reactions from the Bitcoin proponents and the economists about this recent development, with the primary concern being the control and power this will give to the banks.

According to Matthew Lesh of Australia’s Institute of Public Affairs, this proposed bill on the restriction of the use of cash is a “disturbing breach of our right to privacy” and “an attack on the basic liberty of free exchange.” Matthew likened this to George Orwell’s classic novel, 1984, describing how Big Brother uses surveillance to take control over the lives of its citizens.

“The cash ban intends to create an accessible digital record of transactions that the government can monitor,” Lesh said. “This establishes a creepy precedent, foreshadowing a future in which you are only allowed to make purchases that Big Brother can watch.”

According to the Citizens Electoral Council of Australia (CEC), trying to hide under cover of fighting against the black economy is a “shameless lie” as the according to the International Monetary Fund (IMF) has noted that Australia isn’t under any imminent threat of a black economy problem. This became the result of the fact that the country has the tenth smallest black economy in the world. The record also reflects that the size of the Australian black economy had almost halved between 1991 and 2015.

The criticisms coming from numerous directions about this bill clearly shows the shortcomings of the traditional financial system. However, there is a considerable possibility of Australians ditching the banks and opting for the use of Bitcoin; this possibility of a vast flow of new users is undoubtedly good news to the cryptocurrency market.

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Australian Judge Allows Plaintiff to Use Bitcoin as Collateral Bond

In Australia, a New South Wales (NSW) court has allowed a cryptocurrency exchange account to be used as a collateral bond for legal costs.

The NSW District Court, hearing a defamation claim, was asked to force a plaintiff to put $20,000 into a court-controlled bank account. The amount would cover some of the defendant’s expected legal costs, should the plaintiff lose or withdraw the case.

According to the Australian press, the plaintiff was granted permission to offer their cryptocurrency holdings in lieu of fiat currency.

Volatility Issues

The defending legal team countered that despite the plaintiffs crypto holdings meeting the AUD $20,000 value, due to the volatility of cryptocurrency the bond offered may not be suitable.

The presiding Judge Judith Gibson said she was prepared to accept cryptocurrency was volatile but, she said, “ However, this is a recognised form of investment.”

Judge Gibson addressed the volatility issue, the plaintiff agreed to provide the defendant’s legal counsel monthly statements for the investment account and is obligated to alert them if the account’s holding do drop below AUD $20,000 in value.

The plaintiff will also have to alert the solicitor when the account drops below $20,000, should that occur. “These are uncertain financial times.” Judge Gibson concluded.

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Australian Securities Exchange Postpones Migration to Blockchain Settlement System Due to Coronavirus Concerns

The Australian Securities Exchange (ASX) has further delayed the launch of its new blockchain settlement system because of uncertainty surrounding the coronavirus pandemic.

Since December 2017, ASX has been working on its blockchain system that will replace the current CHESS (Clearing House Electronic Subregister System). The full transition to the new system was initially planned for April 2021. But due to various reasons, including the upheaval and uncertainty caused by the COVID-19 outbreak, the ASX will have to delay the deployment.

Coronavirus delays product development

Financial results, meet-ups, conferences, and new product launches have been affected by the coronavirus crisis since February 2020. The Australian Securities Exchange is the latest coronavirus victim, being forced to postpone the launch of its new blockchain-based post-trade solution. Powered by a permissioned blockchain, the post-trade system would enable fast and effective trade settlement and clearing.

Other reasons for delaying include requests for additional functionality, feedback on timing, and also the ASX requires more time for preparation and development.

Users already have full technical documentation necessary for integration. The first code was released nearly a year ago, with updates being initiated every eight weeks.

This is not the first delay for the project, which began in December 2017. ASX initially expected the new blockchain system to go live by the end of 2020. The exchange then delayed the launch of the system until April 2021. Now again, the launch has been pushed back to an unspecified time in the future. ASX will carry out user consultation in June and then come up with the new schedule.

ASX highlighted: “In recent days, ASX has received further comments on the ability of users to focus on the CHESS replacement project. Many companies in the sector, including ASX, are operating with a large part of their staff working from home. The possibility of participating in coordinated preparation activities later in the year is unclear.”

The full release of the new blockchain settlement system has now been put on hold and remains unknown. However, the product will go ahead with the testing, which is expected to take place in July 2020. The exchange is targeting to launch the ITE (industry test environment) in July to validate procedures, processes, and systems. The exchange stated that this would be a crucial milestone toward the deployment of the new system and would initially be provided only to back-office software developers. ASX is also aiming the ITE to be opened to all users in October 2020, depending on the feedback from the consultation event due to happen in June.

Peter Hiom, the deputy CEO of ASX, said: “ASX remains fully committed to CHESS replacement. We continue to progress the project, including system development and testing, supporting back-office software developers, and assisting users in their readiness activities. The investments we are making in the new system and in distributed ledger technology are for the long-term benefit of the financial services industry and the Australian economy.”

ASX confirmed to go blockchain in 2021

The Australian Securities Exchange has been working in partnership with blockchain company VMware and Digital asset holding to replace its existing CHESS system for a new blockchain system for the past three years. The blockchain-based settlement system has several benefits at hand. For example, the new system eliminates the need for every participant to send messages to a centralized CHESS system. Rather, participants have a better option to operate their own server or node, which will contain the same data as the other nodes. Furthermore, the new system comes with clear efficiencies like heightened security, decreasing costs, and quicker transactions.

However, the process of launching the blockchain system has encountered delays in terms of implementations as it needs lengthy periods for testing and user development. This time round, the process of product development has been affected by the coronavirus epidemic.

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How Bitcoin Donations Supported the Noble Cause of Taming Australian Bushfires

Before the world started grappling with the coronavirus pandemic, Australian bushfires made waves as they were wreaking havoc and spreading at an alarming rate. The 2019-2020 season of these wildfires referred to as the Black Summer started in June 2019, and their destructive nature was aired across the globe.

These Australian bushfires were so dire that they didn’t cease until early this year, having been fuelled by months of terrible drought and record-breaking temperatures. As of March 2020, the Australian bushfires had destroyed nearly 46 million acres of land, burnt down at least 5,900 buildings, and killed more than 34 people.

The harm caused by the wildfires necessitated immediate response, and the Crypto Fire Alliance, a group of Australian and international blockchain and cryptocurrency businesses, stepped in to curb the situation through philanthropy.

Crypto global outreach

As the official fire season in New South Wales, a southeastern Australian state, came to an end on 31 March, the Crypto Fire Alliance had donated AUD $27,481, approximately $17,130 in cryptocurrency and was allocated to various worthwhile causes.

The decision to channel the donations through cryptocurrency was arrived at because cryptos make it possible for funds to be raised across the globe during major disasters based on the low transaction fees accrued. Recently, the Bitcoin community donated approximately $41,900 in bitcoin to help set up an Italian Red Cross medical center needed to combat the coronavirus pandemic.

The low transaction fees associated with cryptocurrencies ensures that most of the donated funds are channeled to the intended cause irrespective of one’s location.

The Crypto Fire Alliance set the ball rolling by evenly distributing the donated funds to three organizations, namely the Australian Red Cross Disaster Relief and Recovery Fund, Wildlife Information, Rescue and Education Services (WIRES), and the New South Wales Rural Fire Service Association (RFSA).

These organizations played an instrumental role in taming the Australian wildfires. For instance, as the largest volunteer fire service in the world, the RFSA was fielding, on average, 2,500 firefighters on each shift and, during extreme times, nearly 4,000 of them to tame the bushfires. In addition, WIRES was rehabilitating and sheltering displaced and injured animals.

These incredible efforts were made possible through donations made by groups like the Crypto Fire Alliance.

Notable players who have donated in crypto

Animoca Brands, a reputable tech firm, and F1 Delta Time joined the Crypto Fire Alliance campaign through a unique non-fungible token auction that was able to raise 51 ETH valued at $6731 at that time.

Non-fungible tokens (NFTs) are proving to be game-changers based on their uniqueness. For instance, the NFT auctioned by Animoca brands and F1 Delta Time was attached to the Australia Edition 2020 Apex digital race car, and the Ethereum blockchain independently verified its ownership, scarcity, and authenticity.

Australian-based crypto exchange Mine Digital was another notable donor as it offered 0.405 BTC valued at approximately $3,100 at that period. Many other players in the crypto and blockchain sector were pivotal in aiding the Crypto Fire Alliance donations needed to curb the escalating Australian bushfires.

Cryptocurrencies are, therefore, making notable milestones in their use cases as they are being favored when it comes to charitable causes, especially when a disaster strikes.

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Coca-Cola Vendors Accept Bitcoin in Australia and New Zealand

After more than a decade since it’s launch, Bitcoin (BTC) remains the most valuable digital currency in the world today. With an expansive network of users and investors worldwide, the pioneer digital currency is still at the forefront of driving cryptocurrency acceptance by vendors.

A recent landmark achievement is the approval by Coca-Cola Vendors in Australia and New Zealand to accept Bitcoin for transactions. This BTC adoption will be implemented by almost 2000 vendors in the two countries extending customers’ payment options for Coca-Cola.

Coca-Cola and Blockchain Engagement

The Coca-Cola Company is a technology-driven company. The company has been utilizing blockchain technology to manage its supply chain since 2019. According to reports, Coke One North America (CONA), the IT firm that manages Coca-Cola I.T operations deployed a blockchain solution to manage the company’s supply chain. The blockchain solution developed by German software firm SAP helps the soft drink giant to manage about 160,000 orders on a daily basis.

New Payment Option with Bitcoin

The new payment option with BTC is a further step showing how much confidence the company places in blockchain and cryptocurrencies. Coca-Cola Amatil, the largest distributor of the product in Australia and New Zealand partnered with payment startup Centrapay to achieve this customer-centric initiative.

For customers to make BTC payments, they would need to install Sylo Smart Wallet on their phones. Once the wallet is installed, Centrapay allows users to scan a QR code to pay for Amatil’s items in bitcoin and other digital currencies.

A New Highlight for Crypto Adoption

Coca-Cola is one of the largest corporations in the world today and the company’s enthusiasm for blockchain and digital currencies can set a good framework for the technology’s adoption by other retail firms. The acceptance of Bitcoin and digital currencies by Amatil will also encourage and increase investment in digital assets among the populace in Australia and New Zealand. This is a major plus for the blockchain ecosystem.