Rick Klink, a top fintech executive from Melbourne, is now heading up the Malta Digital Exchange, a company that is about to launch a security token exchange.

 

Rick Klink, a top Australian fintech executive, has joined Malta Digital Exchange (MDX), a security token exchange which is about to launch, as its CEO, MDX said in a statement. Klink, who has founded Paritech, which develops stock market brokerage systems, and Open Markets, the largest independent trading platform in Australia with an annual trading volume of over A$50 billion, will integrate the technologies from his companies into MDX.

Malta Digital Exchange plans to become a preferred security token exchange by both investors and token issuers, aiming to ensure a higher degree of market efficiency, liquidity, accessibility, and transparency.

Security tokens represent a digital form of securities, generally stored on a type of distributed ledger technology (DLT), of which blockchain is the most popular. The tokens can be backed by ownership of private equity, real estate or other real-world assets.

Besides security tokens, Malta Digital Exchange intends to operate with virtual financial assets (VFA), thus becoming a multi-asset digital exchange. The company picked Malta as the location for its headquarters and business operations given the countrys blockchain-friendly legal and regulatory framework.

It’s a very exciting time in the digital assets space with the rapid emergence of security tokens. Malta Digital Exchange is at the forefront of the current Capital Markets 2.0 wave, Klink commented.

The crypto and blockchain industry noticed an impressive expansion last year. Today, the markets are moving towards regulation, which should ensure a safe ecosystem for both retail and institutional investors.

Some countries, such as Malta, are speeding up blockchain adoption by developing favorable laws. The Maltese government is working on three crypto and blockchain laws.

MDX will use the technology provided by Paritech, which develops and integrates low touch and affordable stock market brokerage systems. Some of the exchanges features will be instant order matching T+0, limited and unlimited orders, minimum and partial executions, and adjustable and special fees.

This post credited to cryptonews Image source: cryptonews

A blockchain developed by CSIRO, Australia’s national science agency, in collaboration with the University of Sydney, has completed a global test on Amazon’s ubiquitous cloud computing network to process 30,000 transactions

As reported yesterday, the ‘Red Belly Blockchain’ – developed jointly by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) and the Concurrent System Research Group (CSRG) at the University of Sydney – was put to use in a successful trial on Amazon Web Services (AWS), a popular cloud infrastructure provider.

While the blockchain has previously been tested to scale substantially – up to 660,000 transactions per second– on a single localized network of 300 machines, the full scale of its trial on AWS has now been revealed.

Deployed across 1,000 virtual machines in 14 of 18 geographic regions serviced by AWS, “a benchmark was set by sending 30,000 transactions per second from different geographic regions, demonstrating an average transaction latency of three seconds with 1,000 replicas”, a CSIRO announcement confirmed.

The geographical locations of the nodes running the blockchain include North America, South America, Europe and the Asia Pacific (Sydney).

Fundamentally, the experiment was to showcase the Red Belly Blockchain’s scalability while retaining the technology’s core characteristics in security and speeds, the agency said. Their blockchain relies on a unique consensus mechanism that performs and scales without adhering to the ‘proof of work’ mechanism used by popular public blockchains like bitcoin and ethereum.

“Real-world applications of blockchain have been struggling to get off the ground due to issues with energy consumption and complexities induced by the proof of work,” Dr Vincent Gramoli, senior researcher at CSIRO’s Data61,” Dr Vincent Gramoli, senior researcher at Data61 and head of the university research group said.

He added:

“The deployment of Red Belly Blockchain on AWS shows the unique scalability and strength of the next generation ledger technology in a global context.”

Concurrently, the CSIRO is also part of a data consortium with technology giant IBM that is actively developing a large-scale, cross-industry blockchain platform dubbed the Australian National Blockchain (ANB). The nationwide blockchain platform will be powered by smart contracts.

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Just like has already happened with the US Dollar and the Euro, among others, Australia is about to get its first Aussie-backed stablecoin.

This will be made possible by a partnership between Bit Trade, one of the oldest cryptocurrency exchanges in Australia, and blockchain employment platform, Emparta. The two firms will collaborate in designing and launching the stablecoin which is expected to be launched next year.

Bit Trade@btradeio

We’re partnering with @Emparta to launch Australia’s first currency-backed ! Find out more. https://btrade.io/site/blog/partnership-announcement/2018/09/21/partnership-with-emparta-first-australian-dollar-stablecoin/ 

We’re partnering with Emparta to build and launch Australia’s first Aussie dollar-backed stablecoin

Learn about our partnership with Emparta to build and launch Australia’s first Aussie dollar-backed stablecoin along with their blockchain infrastructure for a Smart Employment Platform

btrade.io

According to the managing director of Bit Trade, Jonathon Miller, the AUD-backed stablecoin will fill a gap that exists in the market as it will act as a buffer against the wild fluctuations associated with cryptocurrencies.

“Stablecoins solve one of the principal issues that may drive investors seeking steady returns and merchants that currently accept traditional currency away from digital currencies: volatility,” wrote Miller in a statement. “We believe that stablecoins will boost trust, accelerate wide-spread adoption, and could function as the backbone of blockchain-based financial applications, especially here in Australia given the favourable regulatory environment.”

Prototype Phase

The two firms are currently working on a prototype which will be completed in a period of a little over a month. Per Emparta, full redeemability on demand will be one of the key differences that will exist between the AUD-backed stable coin and the world’s best known stable coin, Tether. Emparta also revealed in a Medium blog post that the stablecoin’s initial treasury will be located in the continent-cum-country.

“The first treasury will be based in Australia to support the first partner platforms – Bit Trade and Emparta Payments – and deliver the first Australian Dollar backed stablecoin,” wrote Emparta.

The AUD-backed stablecoin comes less than a fortnight since Gemini, a cryptocurrency exchange started by the Winklevoss twins announced a USD-backed stablecoin. While making the announcement Gemini made it clear that it was aiming to supplant Tether by offering the very qualityTether has been accused of lacking – a ‘trusted and regulated digital representation of the U.S. dollar on the blockchain’.

Stablecoin Naysayer

However, stablecoins have not been greeted warmly in all quarters despite serving as a bridge between fiat currencies and cryptocurrencies. For instance, soon after the announcement by Gemini, Barry Eichengreen, a professor of economics at the University of California, Berkeley, questioned the viability of stablecoins.

According to Eichengreen, stablecoins which are fully collateralized involve a great deal of expense for the issuing firm since every unit of the stablecoin has to be backed by an equivalent of the asset that it’s pegged to. The semi-collateralized ones, on the other hand, are prone to the equivalent of a bank deposit run in the event of loss of faith and trust in the issuing institution.

Despite these arguments, it is highly unlikely that the AUD-backed stablecoin by Bit Trade and Emparta will be the last one the crypto world will ever hear of.

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A top Australian financial regulator has indicated it will take a new approach when regulating cryptocurrency exchanges, as well as tighten scrutiny of initial coin offerings (ICOs),.

In its a corporate plan for 2018–2022, released Friday, the Australian Securities and Investments Commission (ASIC) outlined its areas of focus for the period. Top of that list is to continue “monitoring threats of harm from emerging products” such as ICOs and cryptocurrencies.

Further, for 2018 and 2019, ASIC said it is developing a new framework that will apply “the principles for regulating market infrastructure providers to crypto exchanges” and will intervene where “there is poor behavior and potential harm to consumers and investors.”

According to the ASIC website, its current market infrastructure principals include a licensing scheme, via which it seeks to supervise financial market operators, settlement facilities, derivative trading and market participants.

The planned framework follows cross-department efforts the ASIC has been taking to implement supervisory approaches, such as dispatching staff onsite in financial institutions related to emerging tech including cryptocurrency, ASIC indicated.

Currently, cryptocurrency exchanges in Australia are required to comply with know-your-customer and anti-money laundering standards enforced by Austrac, the country’s financial intelligence agency.

ASIC, however, has not issued any pertinent regulation for crypto exchanges, but did published guidelines last year for businesses wishing to conduct ICOs.

The plan appears a timely one, as the country has already seen one public firm seeking to raise capital via a token sale to fund the launch of a cryptocurrency exchange.

As CoinDesk reported this week, an IT firm called Byte Power Group has already started selling its proprietary tokens to private investors in Australia and Singapore in an effort to raise a total of $15 million.

This post credited to coindesk  Image source: australiaday

The Australian government has granted A$2.25 million ($1.7 million) to the Sustainable Sugar Project, Foodnavigator-Asia reports July 30.

The Sustainable Sugar Project, led by the Queensland Cane Growers Organization, will use blockchain technology to track the provenance of sugar supplies to Australia. The initiative known as the Smart Cane Best Management Practice (BMP) is part of a sugar industry push for better sustainability and traceability.

Blockchain technology will purportedly allow buyers to clearly see where sugarcane comes from and prove the provenance and sustainability of the farm. Canegrowers told Foodnavigator-Asia:

“Blockchain’s main attribute is that it’s a secure database in which all transactions are recorded and visible… the quality sugar produced from the sustainably-grown cane can be traced back through the chain, giving consumers confidence in what they are buying.”

For the initiative, industry experts and sugarcane farmers collaborated on best practices and industry standards based on productivity, sustainability, and profitability.

The Ministry of Agriculture and Water Resources stated that large buyers of sugar could pay more in the future for sustainable sugar, as customers increasingly demand sustainably-sourced products. Agriculture Minister David Littleproud said:

“This technology would provide assurances around the sustainability of our sugar and ensure cane farmers using sustainable practices can attract a premium for their product.”

Blockchain technology has proven to be a boon for logistics and supply chain applications, and is widely regarded as a cheaper and more efficient way to track complex supply chains globally.

Today, the Commonwealth Bank of Australia announced that it completed a successful trade of 17 tons of almonds to Europe using blockchain technology. The platform, which was part of a collaborative effort of five “supply chain leaders,” is underpinned by distributed ledger technology (DLT), Internet of Things (IoT), and smart contracts.

Earlier this month, U.S. computer technology firm Oracle released its blockchain platform focusing on transaction efficiency and supply chain authentication. Oracle Blockchain Cloud Service uses Hyperledger Fabric as its basis and launched following a series of trials with banking, business, and government clients.