Australian Computer Society publishes "Australian Blockchain Challenge" report

Australian Computer Society publishes "Australian Blockchain Challenge" report

The Australian Computer Society this week released the "Blockchain Challenges for Australia" report, which examines the technical, legal and educational barriers that blockchain technology must overcome before it is widely adopted.

The author of the report, Dr. Vincent Gramoli of the University of Sydney, said that there is still a way to go before the blockchain becomes mainstream, and that scalability, security, regulation and employment issues must be addressed. We have seen scalability issues with blockchains.

For example, the Bitcoin blockchain is not fast enough to handle the volume of transactions required over time, and it is not designed for expansion. The competitive nature of the mining industry has led to a large amount of unproductive electricity – estimated to be as high as 61.4 TWh per year, which is enough to power the entire country.

According to the report, Bitcoin's electricity demand exceeds that of New South Wales, and the electricity demand of one block is enough to meet the demand for electricity for 29 households a day.

The study found that as of January this year, the Bitcoin blockchain's storage capacity exceeded 197GB, exceeding the storage capacity of most mobile devices, which means that not all devices can fully participate in the blockchain.

The report also examines unresolved legal and regulatory issues surrounding blockchains and smart contracts, calls for more explicit regulation in Australia, and points to the extent to which the current “code” can be viewed as a legal agreement between the parties. Not clear, not tried by the court. (New Finance)

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

The first bitcoin futures block trade is released, will Bakkt's fate turn around?

According to Coindesk's October 5 report, cryptocurrency investment fund Galaxy Digital and off-exchange (OTC) t...

Blockchain

Do you know these 16 stalks about Bitcoin?

For those unfamiliar with Bitcoin, entering the Bitcoin forum for the first time is a strange and confusing experienc...

Blockchain

The road to DeFi on Bitcoin

Source: Blue Fox Notes Author: Mohamed Fouda Translation: ZT Foreword: To implement DeFi products on the public chain...

Blockchain

Data: Bitcoin network activity is strengthened again, investors may start buying before halving

When the price of Bitcoin fell sharply four weeks ago (3 · 12), as investors started hoarding coins and turning ...

Blockchain

Market Analysis: Can the bulls withstand the impact of the turmoil in the capital market?

The US intends to raise the tariff of 200 billion US dollars of Chinese exports to the United States from 10% to 25% ...

Market

What is your opinion on the Democratic presidential candidates accepting Bitcoin as campaign donations?

Robert Kennedy Jr., the Democratic candidate for President of the United States, has become the first presidential ca...