New Blockchain Breakthrough Sees Australia’s CSIRO and CommBank Complete “Smart Money” Tests
A federal science agency of Australia one of the largest commercial bank in the country have recently completed a successful trial of a new blockchain prototype that aims to make “smart money”.
The initiative comes from the Commonwealth Scientific and Industrial Research Organization’s (CSIRO) Data61 division and from the Commonwealth Bank of Australia (CommBank). They have recently announced the initiative and the end of their trial phase. According to them, their idea of a “programmable money” could greatly improve the management of insurance payouts and budgeting.
This is all part of a larger blockchain project called Making Money Smart, which has members from all over the country and has the goal of cutting administrative costs and removing the paperwork that is needed.
Smart contracts will be used to allow the participants of the blockchain to execute payments based on a clear set of pre-defined conditions. For instance, it was given as an example the condition that one could only spend funds by a certain deadline.
Julie Hunter, the head of government of CommBank, has affirmed that the bank is excited to enable NDIS participants to exercise a great control over their own products and that this could greatly help them to streamline their products and remove the need for paperwork.
Representatives from the CSIRO’s Data61 division and CommBank have told the local media that the prototype was developed to be implemented at full scale across Australia and that it could greatly change the landscape of the business in the country while saving hundreds of millions of dollars annually because it could save 1-15 hours weekly.
The senior researcher in Software and Computational Systems at the CSIRO’s Data61 lab, Mark Staples, has affirmed that the use of the blockchain could greatly help in the innovation and in many payment environments that could unlock network effect benefits.
He has also affirmed that this could include more directly connected citizens to some of the most advanced public policy programs, which could empower them to spend their energy and time better with things like smart savings plans and smart diets as well as reducing costs for businesses.