Paul O’Sullivan and Stephen Jones told the opening of the Digital Finance Cooperative Research Centre that its research will redefine commerce.
that had been “tokenised” by BetaCarbon, a carbon trading platform, to create digital security tokens known as BCAUs.Mr O’Sullivan said NFTs could be used to create a secure representation of a carbon offset; for example, codifying where the credit come from and results, which will also assist secondary market trading of the new securities.
The event at the ASX was attended by Reserve Bank governor Philip Lowe, ASX CEO Helen Lofthouse, and Ellis Connolly, the head of payments policy at the RBA.Andreas Furche, CEO of the research centre, said blockchain technology can help to turn a register of ownership, typically seen as part of the back office, into a transactional engine to allow trading of digitised representations of a wide variety of instruments.
The government is “delighted” to see the Reserve Bank exploring potential use cases for a ‘central bank digital currency’, and he said he was excited about the ‘ The DFCRC will also study the application of blockchain and digital currency by the mining and minerals industry, along with the potential use of central bank digital currency and stablecoins in ‘decentralised finance’, where blockchain is used to mimic traditional banking activity without intermediaries.
“Once where we had to do everything end to end, increasingly these technologies facilitate somebody else finding a better or cheaper way of doing things and coming in and disintermediating that part of the value chain. The reality is that is going to happen whether banks chose to participate or not.”
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