What, I hear you say, are blockchains and blockchain companies? Well let me tell you!

Essentially put, blockchains are what make cryptocurrencies so well protected from fraud and shonky deeds. Blockchain is a distributed database existing on multiple computers at the same time. It is constantly growing as new sets of recordings, or 'blocks', are added to it. Each block contains a timestamp and a link to the previous block, so they actually form a chain. This is what makes them secure - if you change something in the system it has to be changed on every part of the system.

The database is not managed by any particular body - instead everyone in the network gets a copy of the whole database. Old blocks are forever preserved. New blocks are added irreversibly. This makes it impossible to manipulate by faking documents, transactions and other information. This ledger can securely store and record anything from financial transactions to documents, to any kind of data. Blockchain is not a company or an app, but a new standard of technology that changes the way we store and use data on the internet.

Blockchain is a breakthrough technology that is expected to alter most industries in the coming years. So, blockchain is, by definition, independent, transparent, and secure. The advantages of such a distributed ledger are obvious - it is cost effective and risk reductive, provides data security and transaction transparency. Companies from most industries can surely benefit from this new technology.

In the early days of blockchain technology, many blockchain companies focused solely on payment processing and exchange trading, for example Bitcoin. As the wider scale of blockchain technology started to become more apparent, new blockchain companies started to emerge with uses in industries other than just finance. It has been projected that in the next 10 years, blockchain platforms are projected to store 10 percent of global gross domestic product. Blockchain implementation is set to completely transform the healthcare, automotive, telecommunications, finance, retail & wholesale industries.

An exciting prospect for the way the world might change! Of course, blockchain companies Australia are also starting to emerge. Start ups who specifically deal with blockchain technology as their main function and established companies, such as Westpac and ANZ, are applying blockchain technology to various aspects of their existing business. Even a business centre established as a state of the art co-working and shared office space for startups working in blockchain technology has been established. The future of blockchain companies in Australia looks healthy and will continue to proper as blockchain companies in Australia become more well known and more sort after.

To have blockchain companies in Australia represented by a hub bringing together the largest community of blockchain technology entrepreneurs, experts, mentors and investors in Australia is sure to lift the profile and expertise of blockchain companies in Australia. New blockchain companies in Australia will be able to find assistance in developing their start up business - why reinvent the wheel when there are those who can help shorten the road and remove some of the bumps when you are beginning your blockchain company in Australia?

Blockchain technology is new and exciting but can be complex to understand. Blockchain companies starting in Australia need support and guidance to successfully grow their businesses. It’s exciting to see that the technology is considered here to stay - why develop a hub for the promotion of blockchain companies Australia if that technology was considered just something here today and gone tomorrow?

If you are interested in finding out about specific blockchain companies in Australia a quick google search will start you on your way!