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Austrac Joins Forces with Australian University to Develop Blockchain Solution for International Funds Transfer

Reading Time: 2 minutes by on February 25, 2019 Adoption, Blockchain, News
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In a bid to make it possible for banks, remitters, and casinos to automate international funds transfer instructions (IFTIs), the Australian Transaction Reports and Analysis Centre (Austrac is collaborating with Swinburne University, a leading educational institution located in Melbourne, Australia, to trial blockchain technology, reports ZDNet on February 24, 2019.

Australia on Board

Per sources close to the matter, the Austrac proof of concept (PoC)  is focused on finding out whether distributed ledger technology (DLT), the building blocks of bitcoin (BTC) and other cryptocurrencies has all it takes to help financial institutions and even casinos in the region automate IFTI reporting.

Accordingly, the project which commenced in December last year and runs until the end of 2019, is looking to formulate solutions powered by blockchain, smart contracts as well as other new technologies, to support the automation of IFTIs for banks, remitters, and casinos.

Reportedly, the new blockchain technology project will be carried out at Swinburne’s global Blockchain Centre of Excellence which was launched in January 2019, in partnership with Capgemini, a French multinational consultancy and professional services firm headquartered in Paris.

Swinburne’s Blockchain Centre to Promote Wider Adoption of DLT

At a time when the proliferation of blockchain technology into numerous sectors of the global economy has forced various institutions of higher learning to start offering DLT and crypto courses, the team has hinted that the Swinburne Blockchain Centre of Excellence which is situated at Swinburne’s Hawthorn campus, will focus on fostering broader adoption of blockchain technology.

Specifically, the Centre of Excellence is poised to advance DLT platforms, assets, and systems to make it easier for people to understand and implement the revolutionary technology.

Commenting on the development, professor Aleksandar Subic, deputy vice-chancellor of research and development at Swinburne, reiterated that he firmly believes that blockchain technology has the potentials to change the face of many industries globally.

In his words:

“We see DLT as the critical digital innovation platform supporting global supply chains, intellectual property, and trade across a vast array of industry sectors in the future.”

Going forward, the university plans to work with experts and researchers from the IT, engineering, law, health and other sectors to create solutions that will solve interdisciplinary problems affecting the development and implementation of blockchain technology.

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