Blockchain Could Soon Be Used For Automated Reported Of Cross-Border Transactions In Australia

Blockchain Technology Could Soon Be Used For Automated Reported Of Cross-Border Transactions In Australia

Blockchain technology has been implemented in many use cases over the last few years. In a new effort by the Australian Transaction Reports and Analysis Centre (Austrac), the technology is being trialed in a prototype that would allow for the automation of funds transfers. The trial is a collaboration between Austrac and the Swinburne University of Technology in Melbourne.

The blockchain technology, along with smart contract technology, will help multiple entities to report cross-border transactions to Austrac. The entities that this new option would apply to include banks, remitters, and casinos, based on a report from business tech news site ZDNet.

The current laws published in the Anti-Money Laundering and Counter-Terrorism Financing Act of Australia states that there are certain institutions and individuals that have to report details of any cross-border transfer of funds within 10 days of the activity taking place. The reporting must include the payer, sender, and beneficiary institution. By implementing this trial, reporting will become automatic and will ease a lot of pressure off of the reporting entities.

Aleksandar Subic, the deputy vice-chancellor of research and development at Swinburne, said,

“We see this technology as the key digital innovation platform supporting global supply chains, intellectual property, and trade across a range of industry sectors in the future.”

The trial has already been put into effect as of December 2018, and it is planned to run for a year. Considering the recent collaboration that Swinburne University established with the Capgemini tech firm for the Blockchain Centre of Excellence,” their network will probably be involved from the creation of production.

In March 2017, Austrac had opened an innovation center that is dedicated partially to the research of blockchain. This trial will give a substantially greater impression of what blockchain can actually do in action. Furthermore, considering the new rules implemented last spring for both AML and CTF regulations, the trial will help to show the way that all of these policies correspond with the automated reporting protocols.

Crypto Price Analysis Watch: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and BCH Predictions

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Is it that Time Again? Yes it is! The Market is giving All the Signs that it is an Alt Season

Everything is popping! Is anyone getting 2017 vibes? Tis' the time when gains floweth over. Today, even bitcoin jumped to $9,480 with $1.2 billion in ‘real’ trading...

South Korean Govt. Permits Blockchain-Based Free Trade Zone for Industrial Hemp After Amending 70 Year Old Narcotics Law

The South Korean government has granted a permit to Andong city in Gyeongbuk province of South Korea to run a free trade zone for...

Kraken and Binance Form New Partnerships to Offer More Fiat Funding Options

Amidst the flying altcoins and stuck Bitcoin, cryptocurrency exchanges continue to add new options to allow users to buy and sell digital assets. Kraken has...

India’s Tech Giant, Tata Consultancy Services (TCS), to Launch ‘Quartz' Crypto Trading Solution For Institutions

Tata Consultancy Services (TCS), a subsidiary of India’s largest tech firm, Tata, announced the launch of a crypto solution enabling traditional financial institutions to...

Nexo Collabs With Chainlink; Using Its Decentralized Oracle Network for Crypto Lending Transparency

Nexo’s, leading crypto lender will integrate Chainlink’s extensive Oracle Network to its platform in a bid to decentralize and secure its infrastructure as...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today