Blockchain in the stock market
The Australian government has consistently been encouraging innovation, early on this week we heard about the Australian stock exchange (ASX) deploying blockchain technology making it the first to take such a proactive approach.
Blockchain in education
It did not stop there, Students in year 12 obtain an ATAR (Australia Tertiary Admission Rank) from the UAC (university admission center) which traditionally is sent out through the postal service.
This year and as a first the UAC decided to post results online using the Ethereum blockchain to guarantee authenticity. Quoting Kim Paino the UAC’s general manager of marketing and engagment: “In previous years we’ve printed ATAR notices and sent them by post, but that’s not how today’s students really want their information, they want it digitally so these digital notices deliver on that. The fact that they are also recorded on the Ethereum blockchain is a huge plus because it means these credentials cannot be altered or faked, and can be verified in real time.”
Blockchain revolutionizing data not just finance
Clearly blockchain and ethereums’ technology is becoming mainstream and more accepted and trusted within institutions and within the government. The applications of blockchain are not yet fully understood, however this is a big step forward in understanding how blockchain technology can be applied to so many tedious and data heavy situations whilst ensuring the information is in the safest place possible. Previous issues surrounding sending information by post, including changes in address information, transport issues and UACs’ data base being hacked have all been removed through the use of Ethereums blockchain.
The adoption of the new technology by UAC shows the first sign of the Australian educational industry moving towards accepting the blockchain. The application of the blockchain can be very significant. The High School Certificate examination, in which over 65000 students across the state of NSW take part in, requires a large amount of data processing, analysis and gathering. The use of the blockchain by the educational department NESA can accelerate and enhance the process, enabling the marking process to be completed with safety and guarantee, without the threat of hacking and reducing the need for physical input.
The Australian government has shown their love for innovation, refusing to hinder innovation, proving to be a potential leader in the industry. The question is, whats next?
About the Authors:
Omar Hannoun: A decentralization evangelist since 2012, a strong believer in the ability of blockchain technology to better the world we live in by creating a fair economy through enhancing transparency and accountability.
John Ward: A student and investor in blockchain technology, looking for applications of blockchain to current and future endeavors. A believer in monetization and tokenization of many societal needs and services. Been in the cryptocurrency space since early 2016.
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