Australian TBSx3 Completes Blockchain Trial to Tackle Fake Goods
Australian blockchain company TBSx3 has successfully completed its biggest trial with the innovative technology to tackle the issue of fake goods. In a report from The Australian Business Review, the company employed the use of a 44 alphanumeric character security cryptography to deliver a blockchain-based verification system. This is compared to the six-digit public cryptography that is typically used. A few of the big names within the freight industry also took part such as DP World Australia, DB Schenker and Hamburg Sud while KPMG advised TBSx3 on the trial. The trial involved the....
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Counterfeiting is a matter near and dear to all of our hearts, albeit fighting this trend seems all but impossible. Despite best efforts by government officials around the world, more and more counterfeit goods are making their way to legitimate marketplaces near you. Blockchain technology will play an important role in the battle against counterfeit goods, assuming manufacturers are willing to do something about this problem in the first place. To give you an example of how lucrative the counterfeiting business can be, it’s not just about printing fake currency bills. Fake goods, on the....
San Francisco's new software engineering school, Holberton, has announced it will tackle fake degrees using bitcoin technology. In partnership with Bitproof, the notary startup founded by teenager Louison Dumont, Holberton will issue every graduate with certificate that can be verified on bitcoin's blockchain using a Digital Certificate Number (DCN). While statistics on the prevalence of fake college degrees is thin on the ground, 86% of employers in a recent survey said they'd found candidates lying on their CV. In addition, fake certificates are widely available and cheap to buy.....
Counterfeit goods and ingredient sis a major threat to not just the financial ecosystem, but to the health of consumers around the world. Boston Scientific is the latest company being called out on using counterfeit ingredients, which could severely affect consumer health. If only these companies had used blockchain technology to ensure all of the materials used were genuine, this class action lawsuit would have been prevented. There is no denying the blockchain offers plenty of use cases that will affect the everyday life of both consumers and businesses all over the world. Most consumers....
The Australian Government announced in its report entitled “Backing Australia's Fintech” that the current double tax law on digital currencies including Bitcoin is soon to be reformed. Digital currencies such as Bitcoin were in 2014 established by the Australian Taxation Office (ATO) as intangible assets for goods and services tax purposes. Thus, payments involving bitcoin have been considered as a form of barter rather than conventional transactions. However, the major issue with the GST law on digital currencies is that Australian residents who purchase items or goods using bitcoin are....
Australian bitcoin advocacy association Bitcoin Australia (BA) has published a paper detailing its recommendations for how bitcoin taxation should be managed by domestic authorities. By producing the paper, BA is preempting the Australian Tax Office (ATO), which is expected to release its own official guidelines sometime in the next few weeks. BA's recommendations are designed to fit within the framework of existing Australian federal tax legislation, factoring for income, capital gains and a goods-and-services tax (GST). At the proposal's heart, however, is the legal definition of digital....