Australian Securities Exchange says Australia will be a leader in blockchain industry

Rage Comment : Australia's continuous economic growth for many years has led to a lack of innovation momentum and new economic growth points in the country; and Australian citizens pin their hopes for domestic economic growth on the change of prime ministers. This complex domestic situation has brought both opportunities and challenges to innovative companies. Obviously, only blockchain technology has the potential to inject new development momentum into Australia. The country's reliance on this technology makes ASX CEO Elmer Funke Kupper confident that Australia will become a pioneer in the development of blockchain technology. Tanarra Chairman John Wylie also believes that the prospects of blockchain technology are worth Australian companies taking a risk.

Translation: Nicole

ASX CEO Elmer Funke Kupper said blockchain technology is more transparent and productive than any previous technology.

As soon as financial start-ups appeared, they received a lot of attention in the Internet financial industry. In particular, the emergence of blockchain technology has subverted the financial industry and brought about a real reform to the financial and service industries.

ASX chief executive Elmer Funke Kupper predicted Australia would be a pioneer in the use of blockchain technology, which uses a distributed ledger system.

ASX CEO Elmer Funke Kupper

Elmer Funke Kupper recently told the Australian Financial Review Business Summit:

“This is the most transparent and productive technology we’ve ever seen.”

“We found that we would lose some funds at the beginning because blockchain technology would cost 5 billion U.S. dollars to buy shares, but we are still full of hope for the future. We will continue to innovate and compete in this value chain to provide better services to everyone.”

Ahmed Fahour, CEO of Australia Post, said at the Australian Financial Review Business Summit that the application of blockchain technology is not limited to the financial industry. Fahour said that Australia Post has provided many identity identification device services to Australians, such as driver's license and passport renewal. Blockchain technology has great development potential in this field.

He said:

"As the majority of what we do is physical ID, it makes sense that a trusted organisation like Australia Post would be able to handle not only physical IDs but also digital IDs."

For Fahour, blockchain technology allows Australian consumers to control their own digital IDs, allowing providers to offer different digital interfaces to individuals and organisations.

While Australia has the potential to lead in blockchain technology, speakers at the summit said Australian businesses have been risk-averse over the past few years.

Tanarra chairman John Wylie

Tanarra chairman John Wylie spoke at the summit, saying that although Australian businesses faced challenges, they still needed to grow through taking risks.

Wylie said:

“Australian businesses have grown up taking risks to enter Asian markets. It’s time to reverse and invest in emerging markets because once markets move they move very quickly because of the scale involved.”

Board members need to think bolder and more capital-oriented, and they must take a long-term view.

Instead of telling the government what to do, Australian businesses should be thinking about how to succeed and being realistic about how the government can reform to invest more in skills and innovation.