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Fabrick Innovations wants a stronger Australian economy

Fabrick Innovations wants a stronger Australian economy

Published 11 Nov 2019

The stated aim of Fabrick Innovations (Fabrick) is to develop a consortium of Australian partners to support successful application of the Libra Association and to operate a validator node locally.

Fabrick is pleased to announce that Stone and Chalk, a respected not-for-profit innovation hub, has joined as a partner. Support from key players in the start-up community, like Stone and Chalk, will assist Australia to benefit and extend the opportunities available from this new innovation

The strategic aim for Fabrick is to see Australia create a better and stronger economy. Australia’s economy is overweight to financial services and decidedly underweight digital innovation, and market commentators are noting the patchy local development of FINTECH, coupled with a small population, make it vulnerable to global digitalisation of its financial infrastructure.

“If we are able to get an Australian presence with what is likely to be the biggest global prospect for Australia that may be even more strategic than our role in the China resources boom of the last 15 years or the opening up of the banking sector in the late 21st century.

“We stated in our white paper about forming Fabrick that successful membership and validator node operations may provide an opportunity to deliver significant business and socioeconomic benefits, identify transitional impact areas and advance Australia’s interests in digital innovation of financial services.1

“Having one of Libra’s planned 100 nodes globally in Australia will mean that we can benefit directly through cheaper money transfer for travellers, efficient and safer digital asset transfer for companies and governments that will feed into Libra usage,” said Luke Behncke.

The growth of Libra’s nodes in Asia and Africa may also provide opportunities for Australia’s relatively sophisticated banking and governance to assist its neighbours in optimising an improved worldwide money transfer system.

Fabrick’s application is a practical way to meet the high bar for Libra membership

 Fabrick’s white paper also suggests that the ‘high bar’ criteria for membership and investment and technical requirements to operate a validator node is best met through a successful application of a consortium of social impact partners, researchers, technology experts, business and financial services companies located in Australia.

“This is a tall order for Australian companies and authorities to have the economic prowess to join Libra and secure a node for Australia. Blockchain strategies working with 100 nodes globally as envisaged by the Libra Association will be powerful and, we think, the future of sustainable, frictionless finance in this century,” said Mr Behncke.

Footnotes

[1]Opportunity – Call to Partners

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