Further fintech advances in Australia are anticipated following the release of a standards roadmap putting the country in a strong global blockchain position.
Australian fintech companies look set to take further advantage of blockchain technology. Following the release of an important standards roadmap, the peak body for Australia’s fintech industry has said.
On 2 March, Standards Australia released its Roadmap for Blockchain Standards Report, which outlines how the organisation will work to deliver measures to support the privacy, security and interoperability of blockchain systems.
Fintech Australia, the national association for the Australian fintech startup community, says its members are already actively developing blockchain products, including to facilitate agricultural commodities, international payments and labour hire.
World First's
As an example fintech Australia member AgriDigital in December 2016 successfully executed the world’s first-ever live settlement of a physical commodity on a blockchain between a grower and a buyer.
finews.asia also reported earlier this year on the issuance by Commonwealth Bank of Australia of a «cryptobond» using its capital markets blockchain platform. It was the first blockchain bond issuance by a government entity both in Australia and in the world.
The release of the roadmap is expected to spark further innovation among the many Australian companies ready to take advantage of blockchain technology.
