ACS releases blockchain fundamentals guide
Defining trust in the internet age.
● ACS’ latest report provides a layman’s guide to blockchain
● Report explores the real-world applications of blockchain
● Trust and technology readiness are key themes
28 September 2022
ACS, the professional association for Australia’s technology sector, today announced the release of Blockchain Fundamentals, a new report designed to help policy and decision makers get up to speed on the ground breaking – and controversial – technology.
“We wanted to dispel some of the myths and look at the potential of the technology with clear eyes, and we wanted to help others do that as well,” said ACS President Dr Nick Tate.
“Before we can have a debate about blockchain in this country, we need have a broad understanding of it, and we feel that is often lacking in Australia.
“Business and policy decision makers need to understand what it is they’re talking about, and this is not a simple issue. There is potential in the technology, but also pitfalls.”
Authored by Mohammed Khaiata, Executive Director, Blockchain of Australia and chair of the ACS Blockchain Committee, the report takes a deep dive into the real-world applications of blockchain, including but not limited to cryptocurrency.
Designed for non-technical readers, it also looks at the basics of how it works, to get people up to speed on the terminology and understand its capabilities and limits.
“It’s a fundamental debate about trust,” said Dr Tate. “Who can we trust in the internet age? Is it Google and Facebook and Amazon? Is it governments? Or is it technology?
“There’s no simple answer to this question. Blockchain is a tool and a set of possibilities for new ways of doing business.
“It has proven far from perfect of course, which is why it is such a hot issue in the IT industry. Barely a day goes by without a new hack or scam making headlines.
“We have to look at whether taking humans out of the loop fundamentally robs the process of humanity and human decision-making – and whether that might be a good or bad thing.”
The report can be downloaded for free from https://www.acs.org.au/insightsandpublications/reports-publications/Blockchain-fundamentals-2022.html.
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