The blockchain revolution in committee

THE House Committee on Tax and Revenue will hold a public hearing tomorrow to discuss taxpayer engagement with experts from the world of blockchain technology and bitcoin trading.

Chair of the Committee Mr Kevin Hogan MP said that the RMIT Blockchain Innovation Hub was established only last month, and is the world’s first research centre on the cutting edge social science of blockchain.

Professor Sinclair Davidson and Dr Chris Berg, members of the Hub, have published extensively on the benefits and risks of the blockchain economy and of cryptocurrencies, such as bitcoin.

Blockchain is an online ledger controlled by a global network of computers. As the records are distributed across the network it cannot be hacked or falsified as easily as information held in a single repository, affording new levels of security and efficiency to governments and companies.

Bitcoin currency exchanges can be tracked by blockchain, as can other value holders including stocks, bonds, and other financial securities. Once largely associated with illicit activity, bitcoin is now traded as part of the thriving cryptocurrency market in Australia, galvanising regulators into action.

“The evolving blockchain economy puts pressure on government processes in a range of new ways—from taxation, to regulation and service delivery,” Mr Hogan said.

“The Committee will want to hear how blockchain can assist auditors and regulators increase certainty in the online marketplace, and also about its potential to disrupt traditional financial and taxation systems.”

 

Public hearing details: 

4.15 pm to 5.15 pm, Wednesday 18 October 2017
Committee Room 2R1, Parliament House, Canberra.

The proceedings will be broadcast live at aph.gov.au/live.

Interested members of the public may wish to track the committee via the website. 

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