New Australian universities could have ‘digital infrastructure’ with an eye to digital payments
Posted On June 30, 2021
Posted October 07, 2018 11:20:08 New universities in Australia could have their own digital infrastructure, with an emphasis on the use of digital payments, with the digital infrastructure academy, a new organisation set up by former prime minister Malcolm Turnbull, announcing today.
Key points:The academy is launching a digital payments network called Digital Assets, to help students and other stakeholders manage digital assets, including digital content and digital servicesNew institutions could potentially get funding from the National Digital Infrastructure FundThe academy has been in talks with banks, financial institutions, universities and other entities to form an ecosystem of digital infrastructure in AustraliaThe academy, which was established in the US, has been meeting with banks and financial institutions to form a digital infrastructure network that would include financial institutions and universities, which could potentially provide digital assets to institutions and students.
The organisation has been approached by more than 40 banks and institutions in Australia and New Zealand and will be opening an office in Canberra this month.
It said it had identified opportunities for digital payments at the most prestigious Australian universities, with more funding being sought from the NBN and the National Physical Infrastructure Fund (NPIF).
“While it is early days in the digital payments ecosystem, this network can bring together institutions and stakeholders in a number of ways, including with the creation of a network of digital assets,” Digital Assets co-founder and CEO David O’Brien said.
“With the growing need for digital assets and the growing adoption of digital technologies, the need for an infrastructure for digital transactions is paramount.”
As we work to build this infrastructure, we want to be sure to work with our partners to build a network that is both transparent and scalable.
“New universities in the United States are already using digital payments to help manage their digital assets.
The National Institute of Standards and Technology (NIST) has developed a system for colleges and universities to handle digital assets for digital content.NIST said it would “develop an interoperable platform for the digital assets industry and for businesses and consumers to use”.
But it said its “primary focus” was digital assets in the financial sector, with NIST funding and digital payments also important for universities.
The US-based Digital Assets said it could have an agreement with banks to set up an NPIF digital payments infrastructure network, with a focus on digital assets being “linked” to a single university.
The academy’s website says it would be “a platform for universities to connect with each other, and with customers, to connect the university with its customers and the digital economy”.
Mr O’Connor said the academy had received some funding from NIST, but that it was not yet clear whether it would receive NPII funds.”
We are very excited to have the support of NIST in this first phase of the digital payment ecosystem, and I’m excited about the opportunities it will open up for Australian universities,” he said.
Topics:arts-and-entertainment,business-economics-and,digital-economy,technology,tech-and/or-sensors,digital,internet-technology,digital payment,education,government-and–politics,australiaFirst posted October 06, 2018 13:54:23More stories from New South Wales