The Brisbane company using the Bitcoin ledger to solve real world business challenges

Fri, 25/06/2021 - 11:15

Elas is a software engineering company driven to solve real world business problems by leveraging the efficiency and low cost of the world's most scalable public ledger, BitcoinSV. 

Their patent pending token ledger establishment techniques ensure transactions within Elas token ledgers are simple and unburdened by unnecessary script or data carriage layers, with all transactions fully managed by the Bitcoin Consensus network.

Earlier this year, Advance Queensland supported Elas to attend the 2021 Accelerating Trusted Autonomous Systems Symposium in Townsville.

Hosted by the Trusted Autonomous Systems Defence Cooperative Research Centre (TASDCRC), the two-day event provided start-ups, scale-ups, and innovative SMEs with a unique opportunity to connect, collaborate and learn about the future of Robotics, Autonomous Systems and Artificial Intelligence (RASAI). 
We caught up with Elas Co-Founder and CEO Brendan Lee to find out more about Elas and how the symposium assisted their business.

What inspired you to start your business? 
Bitcoin is a once in a century technology which stands the chance of making profound changes to the way we do business, connect and socialise.

I started Elas to capitalise on the knowledge gained through my years of system functions research and how it can help businesses and nations achieve great leaps forward in the way they operate at a fundamental level.

My core aim was to deliver new, low-cost ways of building civic systems such as banknote printing systems, ballot paper production, as well as the public storage and voting on documents of state such as constitutions and legislation.

Part of my mission is helping people understand Bitcoin and Blockchain – which despite its rampant popularity remains a very misused and misrepresented technology. I also work part time as a training and development manager for Switzerland’s Bitcoin Association, which is invaluable to Elas in its current growth phase. 

What milestones and achievements are you most proud of to date? 

There are two milestones which I am most proud to date.

Firstly, it is the landmark agreement we signed with Tuvalu. This agreement will see the Blockchain in Tuvalu team (BiT team) build a Tuvalu National Digital Ledger (TNDL) that seeks to migrate all government functions of Tuvalu onto the Bitcoin public ledger.

Elas are the core technical solution providers for the BiT team. We are currently finalising the deliverables for part one of the TNDL which includes a portal that radically simplifies the process of applying for Tuvaluan citizenship. This will enable thousands of people with Tuvaluan heritage to reconnect.

Looking to the future of this project, we plan on implementing a digital Tuvaluan dollar using the BitcoinSV public ledger, as well as, land registries, fishing license systems and more. 

The second milestone which I am proud of is the recent delivery of our first project the Amleh Gold certificate software. The team knocked it out of the park and demonstrated our capability to deliver superb quality.  

What do you hope to achieve with your business in the next 12-24 months? 

Our aim over the next 12-24 months is to make deeper inroads to government and major enterprise. By 2025, we want to be a core service provider to multiple governments and to be printing civic documents such as banknotes, ballot papers, passports and more, using our highly scalable and secure system. This will see the current Elas team of 10 employees, grow to at least 25 by next year. 

We also plan on completing delivery of the first and second elements of the Tuvalu National Digital Ledger project, along with some internal projects. This includes a sophisticated multisignature wallet and private business share management platform using BitcoinSV to manage shares, shareholder voting and much more. 

What’s your advice to other entrepreneurs and businesses starting out on their innovation journey? 

Work hard and never take anything for granted. Always challenge your own assumptions, and never be afraid to ask a question you feel might be stupid. Focus on understanding the structure of a proper company and learn how to use shares/equity to your advantage. Funds don't just show up. 

Why is it important to support Queensland's autonomous and robotics technologies sector? 

Queensland is home to some of the greatest minds in the world, and sadly all too often they migrate south or overseas to execute their ideas. Supporting bleeding edge fields ensures that innovation happens here, growing opportunities and making Queensland better for it. 

How did your attendance at the Accelerating Trusted Autonomous Systems Symposium support your future plans? 

It helped us to understand where our business might fit into the defence systems framework and gave us some excellent insight into the defence contracting/tender process. 

Can you give some examples of the opportunities you identified or connections you made and how these may benefit your business in the future? 

It gave me a great level of insight into the defence contracts process and put me in contact with multiple SMEs and organisations in the defence and defence research industries, which was my goal. 

It was also great fun and I learned a lot! 

I have already had multiple discussions with different companies that were present at the symposium around our capabilities and the potential for our technology to assist with defence communication systems and logistics. Contacts included the TAS team, Airus, Sensaweb and the Queensland AI Hub and Robotics teams. 

How important was the support Advance Queensland provided for you to attend the symposium? Please briefly explain 

It was Instrumental! Without Advance Queensland’s support, I would not have been able to attend. 

Last updated 25 Jun, 2021
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