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Blockchain
Game Changer or Passing Fad?
Nicholas Giurietto
Association of International Certified Professional Accountants Sydney, 8 May, 2019
Blockchain Game Changer or Passing Fad? Nicholas Giurietto - - PowerPoint PPT Presentation
Blockchain Game Changer or Passing Fad? Nicholas Giurietto - - PowerPoint PPT Presentation
Blockchain Game Changer or Passing Fad? Nicholas Giurietto Association of International Certified Professional Accountants Sydney, 8 May, 2019 Game Changer! About ADCA ADCA is the industry body that represents Australian businesses participating
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About ADCA
ADCA is the industry body that represents Australian businesses participating in the digital economy through blockchain technology. ADCA aims to encourage the responsible adoption of blockchain technology by industry and governments across Australia as a means to drive innovation in service delivery across all sectors of the economy. In July, ADCA will merge with Blockchain Australia – Australia’s leading blockchain community association – to increase our scope and impact.
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Blockchain
Australia’s Export and Investment Opportunities in a Transformational Technology
Austrade Leadership Day Canberra, March 22, 2017
DEMONSTRATION Solving the Double Spend Problem with the Wisdom of Crowds
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Bitcoin & Blockchain
- “Peer‐to‐peer electronic cash that allows online
payments to be sent directly from one party to another without going through a financial institution”
- Proposed by Satoshi Nakamoto in May 2008
- Bitcoin “Genesis Block” in January 2009
- Current market value approx. USD 100 Billion
- Underlying technology for Bitcoin
- A distributed database that contains blocks of
timestamped transactions linked together in a continuous chain
- Supports consensus methodology and data
immutability
- Allows creation and trading of an electronic asset
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Single Source of Truth
I see what you see
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Blockchain
Australia’s Export and Investment Opportunities in a Transformational Technology
Austrade Leadership Day Canberra, March 22, 2017
Smart Contracts
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Future Blockchain Ecosystem
Smart Contracts
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Smart Contracts
Features of a Smart Contract:
- computer programs that emulate (key) contractual clauses
- stored on a blockchain to give all parties confidence that they
will operate as intended
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Online Escrow Use Case for a Smart Contract
settlements
Bill Buyer Sally Seller
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Online Escrow Use Case for a Smart Contract
settlements
Bill Buyer Sally Seller
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Blockchain
Australia’s Export and Investment Opportunities in a Transformational Technology
Austrade Leadership Day Canberra, March 22, 2017
Australian Blockchain Innovators
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Proof of Event
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Energy Markets
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Agricultural Supply Chain & Finance
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Water Rights Management
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Blockchain
Australia’s Export and Investment Opportunities in a Transformational Technology
Austrade Leadership Day Canberra, March 22, 2017
Implications
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Implications
- Accounting Standards
- Valuation of Digital Currency Assets
- Investment “advice”
- Tax
- Back Office Processes
- Invoicing
- Credit Assessment & Management
- Tax Operations
- Audit
- KYC & Identity
- Supply Chain
- Government Services & Registries
- Health
- Superannuation
- Advanced Manufacturing
Accounting Business Operations Industry
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