Is it time to rethink blockchain in Australia?

While blockchain is still seen as an important technology in Australia, it's still struggling to gain real traction with experts warning against over selling its potential

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One of the most hyped technologies in recent years, blockchain has so far fallen well short of its grand promise to transform businesses, industries and even society as we know it around the world.

As a quick recap, blockchain is effectively a decentralised peer-to-peer ledger technology, allowing for unlimited versions of a database to exist and be connected via a network, meaning that transactions of information or assets can occur without the need for intermediaries.

Assets can be anything tangible like a car or land, or intangible like IP, patents or even corporate branding.

The hope is that blockchain will make it easier and faster for organisations, industries and people to share and verify assets and information, while making this data ‘immutable’, i.e., unable to be changed or tampered with if multiple people have access to multiple versions of what is deemed the one true record.

Removing duplication – a major source of inefficiency and cost - is another problem blockchain might be able to fix, as well as countering fraud and cyber-crime.

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