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Blockchain Technology


Blockchain Technology

A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction.

A blockchain is resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority. Although blockchain records are not unalterable, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been claimed with a blockchain.

At its core, the FCG seeks to transform the global economy by initiating fundamental changes in the way people engage in exchange. FCG believes this can be achieved through the conduit of the internet and Blockchain technology.

The Future Currency Group Pty Ltd (FCG)

The Future Currency Group Pty Ltd (FCG) is an Australian proprietary limited company that is focused on developing and exploiting Blockchain technology. The ultimate aim is to develop a regulated ‘Blockchain superhighway’ which can accommodate a Blockchain technology.


The preliminary objectives of FCG are:

To engage the academic community, industry partners and stakeholders to address the critical challenges confronting the development of the Blockchain technology.

Establish a virtual currency base that leverages existing value benchmarks and provides a seamless interface with fiat currency systems.

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The Blockchain CRC is an initiative of FCG that fundamentally seeks to catalyze academia, regulators and industry around the core issues and challenges facing the broader adoption of Blockchain technology and its integration into domestic and international economies.

Co-operative Research Centre (CRC)

FCG leading the initiative to establish a Co-operative Research Centre (CRC) for the Blockchain superhighway. The CRC is a commonwealth government funding program which provides access to the academic and industry partners to obtain government funding for research and development initiatives. The CRC for the Blockchain Superhighway seeks to raise to AUD 50,000,000 in private research funding and a further $50,000,000 by way of government grant under the CRC program.

The Blockchain CRC will bring together participants from government, industry and research providers. The government will include Health, Education, Land Titles, Treasury, Human Services and Local Councils. The industry will include Banks and Financial Institutions, Health Funds, Mining and Resources, Transport and Logistics and Retail. Research Providers will include Universities and other research centers.

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Security is assured through voice biometrics combined with additional identity cross-correlation. The BAXE APP offers a streamlined registration process. It provides step-wise access after registration based upon incremental KYC requirements and will automatically retrieve data from scanned identity documents.


Digital Gateway Platform

BAXE is the primary product developed by the Future Currency Group as a closed Digital Exchange that provides individuals and businesses with a secure, efficient and affordable means to conduct everyday commerce while ensuring the management of governance, integrity, and risk. BAXE will enable users to leverage a new world Blockchain ecology whilst maintaining fully integrated access to the real economy.

FCG is developing a user-friendly app (the “BAXE APP”) for mobile devices to create a central aggregation point for all matters financial, enabling the purchase of BAXE, transacting with BAXE, and the exchange of BAXE for fiat currency.

FCG has also commenced negotiations with a partner Bank who will facilitate the issuing of a Debit Card and will sit behind the Currency Exchange to ensure the BAXE can be seamlessly exchanged for Fiat currency.

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