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Austrac Checks Concept Of Automatic Reports On Blockchain

17:10 25/02/2019
Austrac Tests Blockchain To Automate Transaction Reports

The Australian Transaction Reporting and Analysis Center (Austrac) is testing a prototype blockchain platform for the automation of international instructions for transactions (IFTI), ZDNet reports.


The state organization Austrac has entered into an agreement with the Melbourne-based Swinburne University of Technology to automate IFTI of several enterprises that report to it. Among these there are casinos, banks, and remittance sending companies.


An anonymous source stated that the proof of concept of the blockchain for launching automatic IFTI started in late 2018. Also as part of the project, last month, the Blockchain Implementation Center, opened with the assistance of Capgemini, began operating in Swinburne. The organization will explore opportunities for the development of the cryptocurrency industry and blockchain platforms.


Alexandar Subic, the University representative, said that researchers see this technology as a fundamental platform that will support global supply chains, protect intellectual property, and ensure uninterrupted trade in a number of industries in the future.


As previously reported, the University of Michigan intends to increase investment in the cryptocurrency fund CNK Fund I, managed by the venture capital organization Andreessen Horowitz.

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