Australia’s Largest Bank ‘CommBank’ To Use Blockchain-Based BioTokens To Help Environment
The Commonwealth Bank of Australia, known as the largest banking institution in the country, has been using the blockchain technology to tackle the issues of investing in sustainable development.
Today, the bank has announced that it is working on something that will be called “BioTokens”. These new crypto tokens, which are being developed in a partnership with BioDiversity Solutions Australia, a company focused on tech and sustainability, will be used as biodiversity credits.
Biodiversity credits were initially created by a government project back in 2017. The idea was to help companies that were engaged in sustainable development. When companies develop systems that help to protect the environment, they will receive rewards as BioTokens.
According to Rod Barnaby, from BioDiversity Solutions, the new tokens will be a part of a digital marketplace platform. This way, the tokens can be an alternative source of income for the companies, which will reward them for their efforts in being eco-friendly.
The head of experimentation at the Commonwealth Bank, Sophie Gilder, affirmed that the platform will work as a way to turn the project into something easily accessible and transparent. According to her, the BioTokens will be very complex assets, but they will provide a very streamlined experience for the users.
At the moment, the two institutions are seeking new partners for this project. With the help of these future partners, they hope to finally make the commercial launch of the platform and to create more use cases for it as well.