September 2018 Newsletter
In this edition:
- CEO’s Message
- Australian Blockchain Mission to Shanghai
- Taiwan University Medical Hospital – Blockchain Enabled Patient Records
- Crypto Investment and ICO Summit
- The Next Billion Seconds – Cryptonomics with Mark Pesce
- Alipay takes on MoneyGram with blockchain-based remittances
- Welcome to 8 New Members
CEO’s Message: Standards, Self-Regulation & Collaboration Required for Accelerated Growth of Blockchain Sector
The International Standards Organisation Technical Committee on Blockchain and Distributed Ledger Technology will soon hold its fourth international plenary meeting in Russia. It is expected that significant progress will be reported.
This is just one part of an emerging trend that is seeing greater focus on standards, self-regulation and collaboration drive innovation and adoption in the blockchain sector.
Around the world, we are seeing efforts by a number of industry bodies to promote best-practice standards for token offerings and to work with national regulators to improve regulatory certainty for investors and token proponents alike. ADCA is an active member of the Token Alliance and a number of ADCA members contributed to the recent whitepaper – “Understanding Digital Tokens – Market Overviews and Guidelines for Policymakers and Practitioners” – which sets out an international comparison of regulatory perspectives and is essential reading for anyone trying to understand the space.
In Australia, ADCA is involved with two important self-regulatory initiatives. Firstly, building upon the Australian Digital Currency Industry Code of Conduct, ADCA is developing the Australian Token Industry Security Standard that will allow digital currency exchanges and token issuers to demonstrate that they adhere to best-practice standards of data security. ADCA is also working in collaboration with Fintech Australia to develop best-practice transparency and governance standards for token issuers.
But it is further international collaboration that will really accelerate progress in the blockchain sector – and Australia is well positioned to be a positive contributor to that process. As the recent ADCA-Austrade Blockchain Mission to Shanghai and Taipei re-affirmed, Australia’s leadership of the international standards efforts, strong self-regulatory position and open but prudent formal regulation along with notable blockchain innovation by both corporates and start-ups sees Australia well-regarded across the region. Further collaboration between industry and government across the Asian region in particular will provide great opportunities for Australia and for Australian blockchain companies.
Watch this space for further details……
CEO & Managing Director, ADCA
Australian Blockchain Mission to Shanghai and Taipei
Deepening Connections in the Asian Blockchain Community
The week of 8-14 September saw almost 40 Australians representing 31 organisations participate in the 2nd ADCA-Austrade Blockchain Mission to China. This year the itinerary focussed on Shanghai where delegates had the opportunity to attend the Wanxiang Global Blockchain Summit as well as Taipei where new blockchain community connections were made.
Technologies, along with Sophie Gilder, the Head of Innovation, Blockchain and Embedded AI at the Commonwealth Bank Innovation Labs, were both invited to deliver keynote addresses at the conference.
Craig Dunn, the Chair of the International Standards Organisation Technical Committee on Blockchain and Distributed Ledger
Australia’s leading role in driving the development of international standards for blockchain technology and in developing scaled commercial solutions, most notably through the CBA’s recent BOND-i Kangaroo Bond were at the forefront and widely acknowledged.
Stronger connections between the Australian and Chinese blockchain communities were built through site visits to leading Chinese corporates innovating using blockchain, including Dianrong, Ant Financial, Ping An Insurance and Gingkoo.
Australian blockchain start-ups and scale-ups also had an active program including participating in a China Bootcamp run by Austrade, and meetings and pitch sessions with potential Chinese customers, partners and investors along with the launch of the second Shanghai Blockchain Centre.
The packed program continued in Taipei where delegates met with the Medical University Hospital of Taiwan and CTBC Bank along with visits to two different start up hubs.
The delegation came away from the visit to China and Taiwan impressed at both the scale and speed of blockchain innovation in the region and more convinced than ever that Australia is very well placed to collaborate closely in driving blockchain adoption.
Participating organisations in the mission were:
- Baker McKenzie
- Bamboo 61
- Beam Wallet
- Blockchain Centre
- Blockchain Global
- Blue Chip Vision
- Capital Markets CRC
- Civic Ledger
- Corran Toohill Capital
- Crowd FundUP
- Digital X
- Hall & Wilcox
- Honey Digital
- Secure Health Chain
- Standards Australia
- The Fold Legal
- Ultimo Digital Technologies
Taiwan Medical University Hospital – Blockchain Enabled Patient Medical Records
Last week I had the privilege of traveling to Taipei as a delegate with the ADCA-Austrade Blockchain mission to China and Taiwan. The timing of this visit was rather textbook given that only last week the Taipei Medical University Hospital (TMUH) announced the world’s first Healthcare Blockchain Platform – iWellChain. TMUH is a busy 746 bed private hospital in the heart of Taipei and houses 38 departments and 40 subspecialties including Cleft & Craniofacial and robotic surgery.
On arrival at TMUH our delegation was hosted in the boardroom by the Director of Medical Information, Ms Connie Kang. Ms Kang explained how medical tourism was increasing at their institution and now their patients have access to fast and secure transmission of their health records regardless of their origin.
iWellChain solution comprised of three parts at TMUH. First was use the use of a universal patient identifier to create each patient’s electronic medical record (EMR). All inpatient clinical data is sent using the HL7 standard, including informed consent for operations and procedures. Secondly, aggregated clinical data from all digital devices e.g. vitals signs/observations and inpatient investigations. This layer included medical imaging e.g. CT/MRI, complete with DICOM data and reports. Finally the application layer used health applications to interface with non-clinical services such as insurance claims and billing. These paper based process previously took a number of months to complete and now are able to be done in a number of seconds!
Medical Superintendent Ray-Jade Chen has shown excellent leadership with establishing this cutting edge technology in his institution. His vision resonated with me, “painless, radiation less, paperless & cashless”, and I think many Australian hospitals could learn much from this innovative approach. I was fortunate enough to be seated next to Mr Jacob Lee, CEO of DTCO, the developer in charge of the rollout and learn more about their approach with the rollout of iWellChain. He explained that the platform has over 300 patients live at present and will be expanding shortly to many more sites around Taiwan and internationally soon. Mr Lee believes that a strong emphasis on UX/UI is key to successfully engaging with patients in digital health and I certainly agree. “Our company is the link between blockchain and enterprise and we aim to put the data back into the hands of the patient” said Mr Lee.
Dr Robert Laidlaw
Founder & Executive Director
Secure Health Chain
Crypto Investment and ICO Summit 2018
The event featured a number of outstanding blockchain startups promoting transformative business ideas using blockchain technology.ADCA and Quest Events partnered to run Australia’s inaugural Crypto Investment and ICO Summit on September 13 and 14 in Sydney, which was attended by over 100 delegates.
Institutional and VC investors also participated and conveyed a consistent message that the ICO phenomenon must mature, self-regulate and ultimately converge with key elements of existing capital markets structures. This process will unlock institutional funds while ensuring consumer interests are protected.
THE NEXT BILLION SECONDS – CRYPTONOMICS
Bitcoin, Blockchain and the new world of cryptofinance is demystified in the new PodcastOne series.
Bitcoin’s bubble has burst, but the world of cryptocurrencies – and the ‘blockchain’ technology that powers them – is here to stay. That world has been shrouded in deep-tech speak by experts holding the secrets to this new economy.
Futurist, inventor and award-winning podcaster Mark Pesce shines a light into this new world of CRYPTONOMICS – where everything involving money is changing.
“It’s vitally important for everyone – not just bankers and boffins – to understand this new world of finance, investing and money. CRYPTONOMICS gives listeners the tools they need to understand this new world. This is the 101 for everyone,” says Pesce.
Across five episodes CRYPTONOMICS listeners learn the basics of the blockchain, the bonanza of Bitcoin and what it says about how money works in the 21st century.
Pesce is joined on CRYPTONOMICS by experts using this powerful new technology to solve age-old business problems. These business successes give listeners a window onto a world where every part of our lives has been touched by blockchain technologies.
Cryptocurrency pioneer Mark Jeffery says, “CRYPTONOMICS dispels the crypto-mysticism that’s made this tech breakthrough seem impossibly hard. It’s not hard, it’s just new – but Pesce makes the new feel familiar, even friendly.”
“People believe in cryptocurrencies”, Pesce says, “But belief is a lousy investment strategy. CRYPTONOMICS listeners learn the questions they need to ask before they make a risky investment. They’ll learn how to make the world of blockchain work for them — and their children. Money is changing – let’s get ready for that new world!”
Available now on PodcastOne.com.au – via the PodcastOne App – or search THE NEXT BILLION SECONDS CRYPTONOMICS on Apple podcasts.
Alipay takes on MoneyGram with blockchain-based remittances
Having failed to buy MoneyGram, Ant Financial is looking to pound it into the ground with the launch of a home-grown blockchain-based cross-border remittance service.
The first remittance corridor for the new service will run between Hong Kong and the Philippines through a partnership between AlipayHK and GCash. Standard Chartered, which has developed a strong relationship with Alipay in Hong Kong, will act as the settlement bank, with all three parties to the transaction acting in parallel over a shared ledger, enabling the verification and execution of the payment to occur simultaneously.
Jennifer Tan, CEO of Alipay Payment Services (HK) says the service will provide round-the-clock, real-time money transfer between Hong Kong and the Philippines at a competitive exchange rate with much lower transaction fees, which will be further waived during an initial three-month trial period.
“What used to be a long process of physically going to a remittance booth, queuing in line for hours and filling out forms, is now easily and securely done over the mobile phone in just a few seconds,” she says.
Speaking at the launch event, Jack Ma, Alibaba Group co-founder, said he wants to make it possible for people to remit even 1 cent at almost no cost, compared with the high fees charged by traditional remittances services like MoneyGram.
“At the time we wanted to [buy] MoneyGram and overhaul it to help people all over the world solve this issue,” he said. “Due to reasons from the US our deal with MoneyGram did not succeed, so I said, ‘Let’s make one better [than MoneyGram]’ that uses the most advanced technology.”
MoneyGram has been trialing Ripple’s digital asset XRP as medium of exchange for cross-border remittance services but has yet to commit to run the platform at scale.
Welcome to our new 8 members
A warm welcome to our new members:
Blockbid is a user friendly, secure and reliable cryptocurrency exchange. Delivering a streamlined, user-friendly, diversified trading experience for everyone (from beginner traders to the more advanced), and providing greater access to a larger number of cryptocurrencies and fiat currencies on a single platform, with the goal of scaling into the exchange which facilitates the highest volume of trades in the world.
We specialise in designing and building blockchain enabled enterprise-grade solutions. Our Sydney based team of industry-leading experts is highly proficient in the dominant decentralised application development frameworks including Solidity (Ethereum), EOS (C++/WASM), IPFS, along with several significant emerging platforms. We have successfully delivered cutting-edge blockchain solutions and infrastructure on major projects including complex multi-currency stablecoin infrastructure for Havven. Our team has decades of experience building highly scalable, extensible and disruptive solutions for some of the largest and most well-known companies in the world.
emmi is the necessary response to the lack of meaningful action to avert harmful climate change. The emmi platform will be a brand new not-for-profit carbon trading platform and rating system. A solution whereby consumers and businesses are incentivised to work together to price carbon emissions without the uncertainty associated with political cycles.
Ibinex Financials Estonia OU
Ibinex provides a new and innovative cryptocurrency platform and a tailored, front-end website with a fully-integrated web-based trading platform and Content Management System. This offers flexible front-end user trading while preserving the user’s brand’s personal touch. The platform provides access to a first-tier array of API bridges from over 60 leading exchanges for hundreds of cryptocurrencies.
Fintech Compliance Pty Ltd
Fintech Compliance is a Chartered Secretary practice providing governance and AML services to startups. The founder of the company is a qualified Chartered Secreatry (AGIA) and Certified AML Specialist (CAMS). Fintech Compliance has provided governance and AML advice to equity crowdfunding platforms, regtechs, identity blockchains as well as acted as Governance Advisor to ICOs.
Grant Thornton is one of the world’s leading organisations of independent assurance, tax and advisory firms. We help dynamic organisations unlock their potential for growth by providing meaningful, forward looking advice
Maddocks is an independent Australian law firm that works closely with corporations, businesses and governments throughout Australia and internationally. We have 80 partners and more than 600 lawyers and staff based in three major Australian cities: Melbourne, Sydney and Canberra.
Picnic is a cost-efficient digital insurance model, with 100% of the Mutual surplus (profits) retained by our customers, as member-owners. We will offer simple, transparent and fair, insurance covering Motor, Home & Contents. Our mission is to harness the power and thoughtfulness of communities to deliver insurance with heart.