This entry was posted in ASX, Australia, Australia’s Digital Transformation Agency, Australian Government, Bitcoin News, Blockchain, Centrelink, decentralized, Department of Health Services (DHS), DLT, Peter Alexander, Research, Technology on October 26, by adminbtc. Australian Driver’s License Goes Blockchain in Sydney. May 13, · You can get a digital copy of your health or concession card on your smart device. Use the Digital Wallet in your Express Plus Centrelink mobile app. Sign in to the app. Select Digital Wallet. Your card will drop down from the top of the screen. Swipe your screen up or down to display the front and the back of the card. That is what the government’s Centrelink can learn from Bitcoin, which uses blockchains to store data. By Governments across the globe are experimenting with the blockchain, the technology behind Bitcoin, as a way to reduce costs and provide more accountability to the public.
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The MP argued that this integration of cryptocurrency into such areas needs to happen in the UK:. UK MPs have become increasingly vocal on cryptocurrency and bitcoin. Governments cannot afford to be ambiguous in their stance and need to engage with the industry. Follow BitcoinNews. Telegram Alerts from BitcoinNews. Want to advertise or get published on BitcoinNews. The basis of the DTA research funded by the Federal Government to the tune of AUD , USD , was to research blockchain , and see how it could be used to improve government services, including welfare payments.
Originally, social security and welfare payments by Centrelink were targeted for an overhaul, perhaps by using DLT.
The DTA felt at the time that there were significant advantages of delivering social security welfare to citizens over a blockchain. Centrelink, part of the Department of Health Services DHS , is responsible for a range of payments, particularly those relating to unemployment, pensions, and health.
It appears after the investigation, the government is less likely to be ready for taking the next move, which would see blockchain utilized among a range of government department services. A lot of the engagement [with the agencies] is comparing blockchain against existing technologies… without standardization and a lot more work, for every use of blockchain that you would consider today there is a better technology.
Alexander claimed that blockchain promotion lay at the feet of vendors who had been pushing the technology rather than central governments and users and deliverers of blockchain services. It appears that the Australian stock market is more impressed than the government with DLT after the Australian Securities Exchange ASX stated earlier this year that it has plans to replace its current clearing and settlement system with a DLT model within the next two years.
Australia has been on the international front line in incorporating blockchain technology into its government departments over the past months. Thousands of amateur traders are now betting huge amounts, while start-up companies use bitcoin to raise money and avoid the transparency needed in a stock market float. But experts fear the currency has become a vast speculative bubble detached from reality. Watchdogs across the world have warned there could be a sudden massive crash if the market turns, losing investors billions of dollars.
Economist Nouriel Roubini, who predicted the global financial crisis GFC , is one who has called cryptocurrency a 'giant speculative bubble' bound to end in disaster. Bitcoins are generated by using an open-source computer program to solve complex math problems. This process is known as 'mining'. Each Bitcoin has a unique fingerprint and is defined by a public address and a private key.
Owners of bitcoin do not own a physical coin, but instead a string of numbers and letters that give a specific identity.
Other types of coins are available online including Ethereum, LiteCoin, Neo and Monero — these non-bitcoin cryptocurrencies are often called altcoins. Having worked as a cleaner prior to her fiance's Bitcoin success, Mr Tate said Anna is now able to work as an author from home. But he said by far his proudest day was when she was able to walk into Centrelink to ask them to stop sending their weekly payments. The father-of-two said by far his proudest day was when Anna was able to walk into Centrelink and ask them to stop sending their weekly payments.
It's a bit embarrassing to say that considering where we've come from, but I guess it's also pretty amazing. Argos AO. Scroll down for video. Share this article Share. Share or comment on this article: Bitcoin investor went from Centrelink to being debt free e-mail 1. More top stories. Bing Site Web Enter search term: Search. Clap for Carers is back: Organiser of original mass applause ritual calls for new 'Clap for Heroes' at 8pm Teaching union is blasted for 'appalling triumphalism' over 'gloating' email telling members 'You did it!
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