Blockchain Welfare Payments to be launched in Australia

The plans of the blockchain technology adoption for social security welfare payments has been displayed by the Australian government’s digitization agency
22 May 2018   889

Randall Brugeaud, the Digital Transformation Agency (DTA) head executive pointed out welfare payment delivery as an early use case for its blockchain implementation effort at a conference in Sydney last week. The DTA was instituted in 2015, part of the government’s broad digitization agenda that tasks the agency to envolve other government structures and help them undergo digitization.

Our plan is to look for use cases across the Commonwealth with an initial focus on the welfare payment delivery system, then working with our digital service standard, we’ll conduct user research a view of having a prototype by the end of the next financial years. The potential of blockchain to securely record transactions will be investigated, drawing on the experience of other public and private sector organizations.
Randall Brugeaud
Chief Executive, Digital Transformation Agency

There are substantial merits of delivering social security welfare to citizens over a blockchain including transparency, immutability and raise efficiency with automated payments. The effort is especially concentrated on payments from Centrelink, part of the Department of Health Services (DHS) that ‘delivers a range of payments and services for people at times of major change,’ as described by the Australian government. 

The initiative enters to light soon after the DTA was  earmarked AU$700,000 by the Australian government as a part of its 2018-19 budget to specifically research blockchain applications in government services.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   102

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.