By The Commonwealth Scientific and Industrial Research Organisation (CSIRO) of Australia in conjunction with the nation’s largest commercial bank CommBank claim that they’ve recently completed a successful trial of blockchain prototype app of which the sole purpose is to make money “smart”.
CSIRO’s Data61 division & the Commonwealth Bank of Australia announced the trials end on early Wednesday stating that their blockchain-based “programmable money” app could aid in improving the management processes pertaining to insurance budgeting and payouts.
This app forms part of a blockchain project which has been aptly named “Making Money Smart” and saw 10 members of Australia’s National Disability Insurance Scheme (NDIS) take part in the trial which granted them the power to cut administration costs the remove all paperwork.
The technology behind the app itself is based upon a blockchain token which has been coded with smart contracts which allows participants & service providers with to be able to carry out payments based on pre-defined conditions, for example, who can spend which specific funds by which specific deadline.
Julie Hunter, CommBanks Head Of Government & ADI’s had this to say:
“We’re excited by the potential to enable NDIS participants to exercise greater choice and control over their disability support services, while streamlining budget management and removing the need for paperwork,”
Both CSIRO & CommBank are firm believers in that if this prototype was developed and implemented on a full scale across Australia that it could save “hundreds of millions of dollars annually,” based on the estimation that users of the app could save up to 15 hours per week as well as 0.3% to 0.8% of annual revenue.
Data61’s senior principal researcher Mark Staples stated that by using blockchain it could aid in innovating “many payment environments and unlock network-effect benefits” and added:
“This could include more directly connecting citizens to public policy programs, empowering people to optimise their spending through things like smart savings plans and smart diets, and reducing costs for businesses, including through the potential for self-taxing transactions.”
Both CSIRO and CommBank announced the plan to test their application last month in early October.
Another amazing use of blockchain technology being implemented for Australia. Could CSIRO & CommBank be the pioneers in implementing the technology across the continent? Let us know your thoughts.
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