Blockchain Game Changer or Passing Fad? Nicholas Giurietto Association of International Certified Professional Accountants Sydney, 8 May, 2019
Game Changer!
About ADCA ADCA is the industry body that represents Australian businesses participating in the digital economy through blockchain technology. ADCA aims to encourage the responsible adoption of blockchain technology by industry and governments across Australia as a means to drive innovation in service delivery across all sectors of the economy. In July, ADCA will merge with Blockchain Australia – Australia’s leading blockchain community association – to increase our scope and impact.
Blockchain Australia’s Export and Investment Opportunities in a Transformational Technology DEMONSTRATION Solving the Double Spend Problem with the Austrade Leadership Day Wisdom of Crowds Canberra, March 22, 2017
Bitcoin & Blockchain • “Peer‐to‐peer electronic cash that allows online payments to be sent directly from one party to another without going through a financial institution” • Proposed by Satoshi Nakamoto in May 2008 • Bitcoin “Genesis Block” in January 2009 • Current market value approx. USD 100 Billion • Underlying technology for Bitcoin • A distributed database that contains blocks of timestamped transactions linked together in a continuous chain • Supports consensus methodology and data immutability • Allows creation and trading of an electronic asset
Single Source of Truth I see what you see
Blockchain Australia’s Export and Investment Opportunities in a Transformational Technology Smart Contracts Austrade Leadership Day Canberra, March 22, 2017
Future Blockchain Ecosystem Smart Contracts
Smart Contracts Features of a Smart Contract: • computer programs that emulate (key) contractual clauses • stored on a blockchain to give all parties confidence that they will operate as intended
Online Escrow Use Case for a Smart Contract Bill Buyer Sally Seller settlements
Online Escrow Use Case for a Smart Contract Bill Buyer Sally Seller settlements
Blockchain Australia’s Export and Investment Opportunities in a Transformational Technology Australian Blockchain Innovators Austrade Leadership Day Canberra, March 22, 2017
Proof of Event
Energy Markets
Agricultural Supply Chain & Finance
Water Rights Management
Blockchain Australia’s Export and Investment Opportunities in a Transformational Technology Implications Austrade Leadership Day Canberra, March 22, 2017
Implications • Accounting Standards • Valuation of Digital Currency Assets • Investment “advice” • Tax Accounting • Back Office Processes • Invoicing • Credit Assessment & Management • Tax Operations Business Operations • Audit • KYC & Identity • Supply Chain • Government Services & Registries • Health Industry • Superannuation • Advanced Manufacturing
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