Australian Regulator Tests Blockchain For Transaction Reporting
The Australian Transaction Reports and Analysis Centre (Austrac) is reportedly testing a blockchain prototype. The latter, in particular, is meant for the automation of reporting cross-border transactions by institutions. Here is everything about it in a nutshell.
Testing Blockchain Tech
According to the official report, the government financial intelligence agency of Australia is going to partner with the Melbourne-based Swinburne University of Technology. The idea, as mentioned above, is to trial the utilization of the said technology when it comes to fund transfer instructions or IFTIs reporting directly to Austrac. These reporting entities include, but not limited to, casinos and remitters.
Interestingly, the work on the blockchain proof-of-concept (PoC) is not entirely new. That is because it has already begun back in December last year. Now, the Australian financial regulator is looking to make some significant steps towards IFTI reporting automation.
The official report also highlights Swinburne’s recently-launched Blockchain Center of Excellence. It is said to have been opened last month in what appears to be a partnership with Capgemini, a Paris-headquartered multinational consultancy company.
Implementation of Blockchain Tech
The Center, which is being based at the university’s very own Hawthorn campus in Melbourne, will heavily focused on fostering the industry fluency when it comes to the implementation of blockchain technologies. It would also include the innovation towards assets, platforms, and systems, all of which make use of the said technology.
The Blockchain Center of Excellence is going to draw input from Swinburne’s already existing Blockchain Innovation Lab. At the same time, it will work closely with Capgemini in order to jointly create blockchain solutions from PoC all the way to production.
The deputy vice-chancellor of research and development at Swinburne named Aleksandar Subic said that the company is confident of the goal it is trying to achieve. He added that they see this technology as the most significant innovation platform that would support global supply chains in the near future, as well as the existence of intellectual property and trade across a variety of industry sectors.
Partnering With ArtChain Global
Swinburne also partnered with ArtChain Global back in early last year. It is basically a blockchain and artificial intelligence registry platform, which will help the former in implementing blockchain and Internet of Things technologies in an attempt to innovate the global art trade industry.
As reported before, Austrac revealed a licensing framework designed specifically for domestic crypto exchanges in April 2018. It was meant to require operators to register and even abide by the Know-Your-Customer and Anti-Money Laundering checks.