A major Australian delivery company is looking into possible applications for blockchain technology.
The Australian Financial Review reported today that the government-owned Australia Post, which declared AU$6.4bn (roughly $4.75bn) in 2013-2014 revenue, is currently researching how the technology could be applied in identity services.
“The future is going to be a digital identity, so that when you say who you are, I can tell who you are,” Australia Post CEO Ahmed Fahour said during a business conference in Australia this week hosted by AFR. “A lot of people are thinking about blockchain from a financial services point of view but the reality is it has much wider applications.”
Fahour went on to say that, given the Australia Post’s major role in the country’s passport market, a move to offer digital identification services is a natural fit for the company.
The Australia Post isn’t the only company in the country to make public its move toward blockchain applications. Late last year, the Australia Securities Exchange (ASX) announced that it was exploring whether it could replace elements of its legacy market infrastructure using blockchain tech.
ASX later invested $19.5m to acquire a 5% in blockchain startup Digital Asset Holdings, according to recent financial statements, as part of these efforts.
During the same event at which Fahour spoke, according to AFR, ASX CEO Elmer Funke Kupper argued that the technology could save billions of dollars in processing costs.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.