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NEM To Boost Australia’s Booming Blockchain Sector

The Foundation, which works on behalf of the XEM cryptocurrency, has launched the first of a series of blockchain incubators in Melbourne, Australia.

The NEM Blockchain Hub will play a role in educating the wider world on the blockchain, as well as providing premises and funding for blockchain initiatives. Part community outreach program and part launchpad for startups, the Hub hopes to spread the message of the blockchain throughout the local business community.


Melbourne’s Big Tech Push

The Blockchain Hub will take up residence in the Victorian Innovation Hub, which will house 360 start-up accelerators and incubators when it is fully up to speed. In the heart of Melbourne’s old docklands, there’s a huge push to turn the city into a center of technical excellence and the blockchain could prove invaluable to many of them.

Blockchain is a fast growing and evolving technology and LaunchVic are pleased to welcome Foundation to the Victorian Innovation Hub, –Dr. Kate Cornick, CEO of LaunchVic.

The NEM Foundation is looking forward to working with the community and creating a two-way street of blockchain start-ups and the business community it needs to support it.

“The launch of the NEM Blockchain Hub in Melbourne is a strong sign of our commitment towards supporting innovation in Australia and the world,” said NEM Foundation Asia and New Zealand Lead Jian Chan. “We are excited by the opportunity for blockchain in Australia and are thrilled to be moving to the Victorian Innovation Hub as part of this initiative.”


FinTech Community Growing Around Hard Science

NEM Foundation will also join the not-for-profit Stone & Chalk fintech hub,  which is designed the promote local business and help the community create jobs and nurture the thriving Melbourne tech community.

We are excited to include NEM as part of the Stone & Chalk community. Blockchain is an area of growth and we look forward to work together on initiatives to support the ecosystem here. –Alan Tsen, General Manager for Stone & Chalk

NEM on the Up

Having launched its Australian operations last year,  NEM now has a presence in more than 40 countries and intends to launch a series of incubators across the Asia Pacific region.

Despite a recent study claiming that 84% of businesses are actively working with blockchain, there is still a massive knowledge gap to overcome. The wider world has no concept of the digital ledger technology behind the blockchain and how it can apply to the real world. Part of the NEM Blockchain Hub’s brief is to show the potential of the blockchain and get businesses on board.


Docklands Set For Rebirth

The NEM Foundation has positioned itself in the heart of a tech revolution in Melbourne’s historic docks. If it can help improve the future of the local community and bring blockchain to the masses, then Nem could hit several birds with a single stone. It could also provide the company with a blueprint to roll out incubators across the world that will help cement its position as a leader in the crypto world.

As for Melbourne itself, the city largely plays second fiddle to Sydney on the North coast, but disruptive industries offer more than commercial opportunities. Cities, states and nations that embrace modern technology have managed to ride the crest of that wave and turn themselves into national and global forces.


How Did Silicon Valley Start?

Silicon Valley in America was born when William Shockley, the inventor of the transistor, moved from New Jersey to set up shop in Mountain View and effectively drew the best in tech along with him. It also turned into a symbol of pride for the West Coast and helped elevate the region.

The rise and fall of Detroit goes hand in hand with the automotive industry and there are similar stories around the world of particular regions locking down specific industries.

It stands to reason that forward thinking cities, states and even countries are making a play to create their own local blockchain valleys. Australian government records are already going on the blockchain and the world is waking up to the digital future.

If Melbourne can take even a small piece of this industry, then the city’s redeveloped docklands area could become a leading light of the Australian economy once again.

The author is not invested in any digital currency. 

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