Monash researchers want to build a crypto-currency blockchain exchange while at the University of Sydney they are building a super-fast BC processing system but at RMIT they are thinking bigger about the blockchain. Jason Potts, Sinclair Davidson and Chris Berg from the Blockchain Innovation Hub suggest the system can replace the state – closing any case for socialism and ending the need for government to protect property rights.

“Markets always need governance, and the limits of a market society were always the ability of the state to provide those services of record keeping, validation and verification of transactions in property rights. In return, the state levied taxation to fund these services. Blockchains are a new technology of fault tolerant governance that can furnish the governance to underpin a market economy and society,” they write.