By Leon Gettler >>
BLOCKCHAIN and cryptocurrency could radically change the way companies do business, and even pay their staff, according to Jonathon Miller, managing director of Bit Trade and Bit Trade Labs.
Bit Trade is a digital platform for the everyday Australians to trade and manage their blockchain assets, including Bitcoin and Ethereum.
Bit Trade Labs, on the other hand, is an incubator for blockchain and distributed ledger projects. It is a mission of both companies to empower people with the tools and knowledge to trade blockchain assets.
As the founding member of industry body Australian Digital Commerce Association (ADCA), the companies are committed to the growth and mass adoption of blockchain and cryptocurrencies in Australia.
“They will be able then essentially to connect employees with employment opportunities before they have a bank account,” Mr Miller told Talking Business.
“They can use cryptocurrency as a digital banking platform that they’re not responsible for maintaining so it reduces those costs, it reduces those risks.”
Mr Miller conceded there were still some risks, but it was very much about being informed and educated about its implementation.
DE-RISK BY DESIGN
Mr Miller said there were always risks with internet technologies but a lot of those risks could be addressed through good design.
He said platforms such as Bitcoin and Ethereum were experimental, with cryptocurrencies embedded as part of their token offering.
And businesses, he said, were taking to it.
“Businesses are using tokens to raise money,” Mr Miller said. “Instead of going to traditional market places, they’re going to global market places with tokens. That is now becoming a regulated arena and that is now welcomed.
“What you’re seeing is this trend of businesses using cryptocurrency, using blockchains and we help people tap into these markets. We help people not only tap into a local market for these but a global market.”
Mr Miller said ADCA was now part of the global conversation on regulating cryptocurrencies.
“We obviously have to look to the US, we obviously have to look to the UK, Europe and Japan,” he said.
“This technology is very much part of the internet. It needs regulation that suits that. It has to be on a global scale, it has to have the inter-operable.”
Mr Miller said his firm was using the crowdsource legislation to go out and raise funds in Australia.
“We have investors from all walks of life,” he said. “We’ve got our own customers coming to back us, we’ve got institutional investors who are really excited about this space and we’re seeing interest from people who believe in cryptocurrency and who believe in blockchain.”
Hear the complete interview and catch up with other topical business news on Leon Gettler’s Talking Business podcast, released every Friday at www.acast.com/talkingbusiness.