The head of the Australian Chamber of Commerce and Industry is praising the launch of a digital currency payment system that he says is “smart and secure”.
Key points:Key pointsThe Chamber says it will launch its own cryptocurrency payment system in the next few weeksThe organisation has announced a blockchain-based system as part of its commitment to the Digital Economy Summit in MelbourneThis comes as Australia’s banking industry says it’s preparing to launch its first digital currency payments system in 2018The digital currency, Bitcoin, has exploded in popularity in recent years and is being used to buy goods and services in Australia, with many users accepting payment in Bitcoin.
But the head of Australia’s largest commercial body, the Chamber of Commercial Enterprises, says it is ready to be a pioneer in the digital currency industry.
“I’m proud to announce that the Australian Business and Industry Council (ABIC) is committed to launch a blockchain payment system within the next couple of weeks, to be the first national organisation in Australia to use the Bitcoin blockchain to settle business transactions,” Alan Jones told the ABC’s AM program on Monday.
“The Chamber of Business and Industries is confident that it will make a significant contribution to the digital economy, and that it has a vision and vision to make the world a more secure and innovative place.”
The Chamber said it would launch its blockchain-powered digital currency in the coming weeks.
“We’ve seen this with Bitcoin and Ripple, and I think that we’ll see this with Blockchain, as well, in the future,” Mr Jones said.
“It’s an exciting time to be involved in the globalisation of the financial system and the emergence of a new digital currency.”
The announcement comes as the Australian banking industry is preparing to introduce its own blockchain-enabled payment system.
The digital currencies, which are based on cryptography, are based in a blockchain, which is a ledger that can store all of the transactions in a transaction.
While a bank has a physical presence in the world, the blockchain makes the financial transaction invisible to any individual.
“There are a number of people, banks, and businesses that have started to use Bitcoin and blockchain technology in a wide range of areas,” Mr Jackson said.
The US-based digital currency Bitcoin is a cryptocurrency that can be bought and sold using Bitcoins, which can be used to pay for goods and service.
In contrast, a currency called Bitcoin has to be created and distributed by a centralised authority.
“So it’s the kind of thing that the banks, the businesses, are really good at,” Mr Jollimore said.”[It’s] where you can get your credit cards, your bank account and it’s a great way to get payments.”
“If you want to pay someone, you need to have a bank account that is authorised by them, and they can use it to send the money, but the transactions are not visible.”
The digital economy is growing fast in AustraliaBut it is a challenge for the Australian financial services industry, which has struggled to catch up with the growing demand for payments and transactions on the blockchain.
“In terms of our financial services, we’re seeing huge growth in our payments business,” Mr Williams said.