Australia’s hidden blockchain crowd emerges
It’s an uncomfortable topic for those making billions of dollars in profit as intermediaries in the economy, but blockchain systems beyond bitcoin are emerging that present a clear likelihood of disruption to trust systems.
Whether the decentralized finance (DeFi) movement will gather enough energy to create a wave that washes over traditional economic systems remains unclear, but a week-long event hosted by Blockchain Australia last week suggests it may not fizzle out quietly, either.
The discussions showed the local brainpower being deployed on distributed systems, which allow assets to move around under the protection of software code.
They also showed Australia punching well above its weight in the space; dozens of start-ups using blockchains such as Ethereum are working on new, decentralized business models, some of which are already very valuable.
One of these is Synthetix, which saw its value more than triple in January and early February.