Singapore-based NEM foundation is opening a blockchain hub in Australia, primarily to educate startups and enthusiasts about the myriad benefits of blockchain technology and digital currencies, reported SmartCompany on Oct.15.

NEM Goes to Melbourne

Launching in Melbourne, NEM aims to engage businesses and educate the general public about distributed ledger systems, and in particular, the NEM blockchain and its related XEM token. The development is third-of-its-kind, with similar hubs already present in Brisbane and New Zealand.

NEM Australia head Jian Chan pointed out Melbourne has emerged as “one of the strongest blockchain communities” in Australia, and the city is home to numerous blockchain-focussed businesses and crypto-startups.

To fulfill its objectives, the foundation has connected with lawyers and other professionals, startups, and other related organizations working in the DLT and cryptocurrency space. All parties will share information and expertise amongst themselves and engage in a more comprehensive “high-quality” discussion with small- and medium-sized businesses, corporations, and even listed firms showing interest in integrating the technology to their present infrastructure.

Chan noted the “flexibility” of blockchains leads to its easy application in various sectors. However, he expressed concerns about “convoluted information” perpetrating through the industry that can develop into misleading knowledge about a particular product or blockchain application.

Chan is optimistic about the NEM hub resonating among businesses in the Australian economy and notes that the country’s “top students” are studying the innovation, which in turn, indicates a healthy future for the technology as “that’s where the talent is.”

Crypto Scepticism Good for Industry

Chan believes startups and SMEs cannot miss out the economic opportunity to restore their businesses, by presumably providing accountability and transparency to customers.

Meanwhile, Chan remains optimistic about cryptocurrencies in the long-term, despite 2018’s notorious bear market that has led to many questioning if the “bubble has burst.”

Chan states:

“The world of crypto moves at a velocity that is not normal — things move very fast and radically.”

He adds that the most successful entrepreneurs are those who are most adaptable to change – regardless of the market cycle they are in. Furthermore, Chan believes skepticism “is very healthy,” and even legitimizes what the broader blockchain industry is trying to achieve as a whole.