Australian government and blockchain

According to the DTA, Govpass will provide a simple, safe and secure choice for people to verify who they are and access government services online, reducing the need to visit a shopfront. Over the next financial year, up to 8 high-volume government services will be piloted using a digital identity, giving more than , people the opportunity to test the system. The first government services to be trialled with the digital identity system are applying for a tax file number and registering a business from October The roll out of the digital identity system is a collective effort on multiple agencies, including: 1 the DTA to oversee the system and develop a set of rules called the Trusted Digital Identity Framework to accredit identity providers, 2 the Australian Taxation Office will be the identity provider to verify people are who they say they are, 3 the Department of Human Services will operate the technology gateway between accredited identity providers and the services people use. At the same time, the Australian Government is also exploring innovative ways to deliver reliable and secure government services using modern technology such as blockchain. This work will be done in 2 stages:.

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Content:

• Blockchain Australia
• Australia could be a global blockchain leader
• Australian government to spend $700k on blockchain research. Why?
• Senate report proposes model to regulate the crypto economy
• Australia proposes new laws to regulate crypto, BNPL
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• Cryptocurrency and tax
• Government backs blockchain with AU$5.6m in funding towards supply chain solutions

WATCH RELATED VIDEO: Australian Government Launch A Five-Year Roadmap For Blockchain

Blockchain Australia

Greg is currently a director of the Washington-based think tank Salzburg Global Seminar. Technology Innovation. At CEDA we are proud to regularly convene and engage speakers and audiences as an essential element of our efforts to broaden discussion and debate of the most important policy issues facing Australia. In doing so, our first priority is always the safety and wellbeing of our guests and staff. CEDA is currently delivering a digital program of public events, podcasts and virtual Trustee roundtable discussions; hybrid events with both a livestream and audience in attendance; and face-face events, where there is member demand and they can be delivered in accordance with government health advice for a specific state.

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We also ask that you follow government advice and maintain social distancing by refraining from shaking hands or exchanging physical greetings, and wherever possible, staying at least 1. CEDA will continue to closely monitor government advice regarding public gatherings and will follow all relevant health advice from the Australian government in relation to COVID Australia's Blockchain opportunity. Australia's Blockchain opportunity NAT.

Do you have a login? Sign in now to prefill the registration form and access member benefits. Event Overview Like so much in the emerging tech space, some big numbers get thrown around when discussing blockchain potential in Australia. And how do we ensure that business, government and researchers are working together to maximise the benefits to Australia?

Join CEDA and a panel of experts from across business, government and research to explore these issues. Substitutions for the livestream can be made at any time. Please forward details to the event coordinator. Tech Doug is responsible for growing the Australian operation for Convergence.

This eight-month project will identify efficiencies for both regulators and industry from the application of blockchain and stablecoin to excise processes. Doug brings over 25 years' experience helping organisations improve performance from leveraging information and analytics. Doug has joined Convergence. Tech after 15 years with Deloitte and KPMG assisting government and industry with major programs of work leveraging analytical solutions to drive performance improvement.

He is the chairperson of Standards Australia's blockchain and distributed ledger committee and on AI trustworthiness related committees. Melinda is also a member of the Parliamentary Budget Office panel of expert advisors.

Sponsorship opportunities available: Align your brand with CEDA and communicate with hard-to-reach business, government and policy leaders by sponsoring this event. Back to overview. About CEDA CEDA is a national, not-for-profit, independent, member-based organisation providing thought leadership and policy perspectives on the economic and social issues affecting Australia. Public event advice — Coronavirus At CEDA we are proud to regularly convene and engage speakers and audiences as an essential element of our efforts to broaden discussion and debate of the most important policy issues facing Australia.

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Australia could be a global blockchain leader

Metrics details. Today, more than blockchain projects created to transform government systems are being conducted in more than 30 countries. What leads countries rapidly initiate blockchain projects? I argue that it is because blockchain is a technology directly related to social organization; Unlike other technologies, a consensus mechanism form the core of blockchain. Traditionally, consensus is not the domain of machines but rather humankind.

Australian government to spend $700k on blockchain research. Why?

In a little more than a decade since it was first introduced, blockchain has emerged into the mainstream as a cost-effective, secure and rapid way to conduct a wide variety of business transactions, from tracking the movement of funds and goods to smart contracting, identity and credentialing. It has the potential to fundamentally change the way we govern ourselves, do business and conduct our personal lives online. Australia is positioning itself to take full advantage of the economic benefits associated with blockchain by challenging researchers and companies to devise innovative applications and solutions as part of the National Blockchain Roadmap. The Australian government is one of the earliest adopters of this approach, which is one that other nations might examine for their benefit. Developing a national blockchain strategy when the technology is already fairly well developed means that the Australian ecosystem can start from a high bar, learning from the trial-and-error results published by global researchers, seeing more clearly where the best opportunities are, and recognizing where the most advantageous partnerships lie. Because blockchain is fairly nascent in Australia, the government is taking the lead, encouraging industry and researchers to innovate against real-world problems that involve public services such as developing smart cities, energy regulation and taxation. Funding is directed at building an ecosystem — small and specific at these early stages — that can grow organically once confidence in the market has been established. If the efficacy of blockchain can be demonstrated in relation to common problems experienced by companies, citizens, and branches of government, then the technology is more likely to be widely adopted. This is obviously a very different approach than has been taken in other nations, where blockchain developers and innovators have had to spend a lot of time and money convincing governments that the technology deserves widespread trust and adoption beyond cryptocurrencies. While other countries are today conducting niche studies and producing white papers, the Australians are applying blockchain to industry and government challenges and seeing how it actually works.

Senate report proposes model to regulate the crypto economy

Thinking 20 May By John Bassilios and Sarah Khan. The Select Committee, chaired by Senator Andrew Bragg, was established in to strengthen the regulatory environment for FinTechs and RegTechs and innovative businesses in Australia more broadly. We summarise the recommendations in the tables below. Mirroring the first Interim Report , the findings are categorised across key areas: tax, regulation, access to capital, and skills and culture.

Australia proposes new laws to regulate crypto, BNPL

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Australia has the potential to be a global leader in the nascent blockchain technology sector with the right regulatory and policy settings, according to Blockchain Australia. In its submission to the Senate Select Committee on Australia as a Finance and Technology Centre, the industry body said it is not too late to transform Australia into a blockchain and cryptocurrency powerhouse. More progressive jurisdictions have realised that old policy settings and regulations are not fit for purpose for emerging technologies such as blockchain. It is therefore critical that regulation be reformed to ensure it does not present an undue burden for industry, Blockchain Australia argued. This would mean as a first step implementing immediate safe harbour provisions for crypto asset providers until guidance or legislation is introduced, it adds. Blockchain Australia is also calling for greater regulatory guidance and engagement in the short term while a longer-term, fit-for-purpose legislative framework is developed. Any regulatory regime should be principles-based, futureproof and supported by evidence, the organisation said.

Cryptocurrency and tax

The Commonwealth Government of Australia Government has generally been supportive of driving innovation in the technology sector and as part of this, there has been sustained attention on blockchain in Australia with a number of leading blockchain initiatives, including industry-specific trials in financial services, energy, minerals, agriculture, food and beverage and the public sector. In the public sector, the Government has considered blockchain application with the Australian Taxation Office ATO using blockchain to validate the dealer history of cars in a hackathon around Luxury Car Tax compliance. Fintech businesses have also begun formalising use cases for blockchain such as managing supply chains, making cross-border payments, trading derivatives, managing assets and managing digital currency exchanges. This replacement system represents the first mainstream, scaled use of blockchain by any securities exchange globally and is likely to yield valuable insight as policymakers and regulators consider their approach to blockchain in future.

Government backs blockchain with AU$5.6m in funding towards supply chain solutions

The reference to an ICO in this information sheet includes any other form or method of distributing new crypto-assets irrespective of what it is called. Australian laws apply where the crypto-asset is promoted or sold in Australia, including from offshore. The use of offshore or decentralised structures does not mean that key obligations under Australian laws do not apply or can be ignored. We encourage entities to use their innovative technology to build their products and services in a way that complies with the intention of the laws in place to safeguard consumers and the integrity of financial markets in Australia. Figure 1 provides high-level regulatory signposts for crypto-asset participants as a starting point.

For the past few years, blockchain has been touted as the potentially revolutionising technology within the financial sector. Now, there is growing interest in using the technology in various other industries — including the Australian property sector — to address glaring gaps in those markets. Blockchain is essentially a digital ledger which records, stores and replicates information with purportedly greater transparency, security, and efficiency. Information on a blockchain ledger is not stored exclusively in one location or by a particular party. Instead, it is replicated across different electronic devices held by multiple, unrelated parties. When a party proposes to add new information to the ledger, the nodes communicate with one another to check and verify the integrity of the information.

If you are a new applicant or existing grantee and have been impacted by COVID or a natural disaster, please contact your Customer Service Manager or one of the agents at our Contact Centre to discuss your circumstances and how we can assist you. You can find more information and support on our Emergency management page. The Blockchain Pilot Grants provide funding to demonstrate the potential for blockchain to reduce regulatory compliance burden for business. The program will provide funding for pilot projects to demonstrate the potential for blockchain to reduce the regulatory compliance burden for business.