Future possibilities for Australian business with blockchain
By Dr Drew Donnelly, Compliance Quarter. Last year, the Federal Government announced its commitment to Australia being a world-leader in Financial Technology (fintech). One aspect of this is fostering the use of digital currency (such as ‘bitcoin’) in Australia. In Three ways that financial technology changes can grow your business, we discussed the Government’s recent support for the use of digital currency through removing the ‘double GST’ which often applies to digital currency transactions. In its fintech priorities (read here at http://fintech.treasury.gov.au/australias-fintech-priorities), the Government also confirms its support for fostering ‘blockchain’ technology in Australia. So, what is blockchain? And how might it revolutionise Australian industry and government administration? What is Blockchain? Blockchain is a distributed ledger system, originally created to support the use of digital currencies such as…