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Commonwealth Scientific and Industrial Research Organization (CSIRO), the federal science agency of Australia, is collaborating with one of the biggest commercial banks in the country, Commonwealth Bank of Australia (CommBank). Together, the organizations will test a blockchain-based application that will help citizens with disabilities to settle insurance claims
A joint statement issued by both organizations said that the technology arm of CSIRO, Data61, and the Commonwealth Bank have developed an app “to explore the potential of blockchain technology …using the case study of the National Disability Insurance Scheme (NDIS).” The trial is called ‘Making Money Smart’
How It Works
Blockchain tokens with smart contracts will be introduced to NDIS (National Disability Insurance Scheme). Participants and service providers will be able to make payments according to pre-defined conditions specified in the smart contract, like who can spend it, when it can be spent, and on what.
Those who participate in NDIS need highly ‘personalized payment conditions.’ The app helps participants find, book and pay for services from NDIS service providers, without having to do all the paperwork.
“Programmable money represents an opportunity to re-envisage how we think about money and how payments function across the economy,” said Sophie Gilder, head of CBA’s Experimentation and Blockchain, Innovation Lab. It is clear that the potential of this technology for the NDIS is enormous and ranges from greater empowerment for participants, reduced administration costs for businesses and greater visibility for the government.
An additional report on the project will be released in November this year, where designs, benefits, and limitations of the test with suggestions for other future applications will be put down in complete detail.
It is clear that CSIRO is looking at the immense potential of blockchain technology and wishes to harness it for the benefit of people throughout the world in general. Earlier, Data61 and the University of Sydney had teamed up to create the next generation Red Belly Blockchain that can process 30,000 cross-border transactions per second.
The CommBank also isn’t new to blockchain innovations. In August this year, it helped settle the world’s first blockchain bond issued by the World Bank and raised around $81 million in the process.