Australia Joins IBM to Create National Blockchain Pilot
A federal Australian agency is in the process of creating a national blockchain giving businesses the ability to use smart contracts in order to make transactions in a legal manner.
Plans to Create a National Platform
An organisation called CSIRO announced Wednesday that a partnership between Data61, the organization’s research arm, Herbert Smith Freehills and IBM to create a pilot version of the blockchain platform. The project will be known as ANB, or the Australian National Blockchain and is aiming to facilitate transactions between businesses based on pre agreed terms and conditions. Those conditions will fall in line with Australia’s legal regulations which will be the basis of those smark contract codes. The blockchain platform itself will be powered by IBM.
The project aims to create digital contracts that are capable of recording data and executing transactions once required conditions have been met.
Providing an excellent example of the opportunities this blockchain project offers, an agency spokesperson explained that essentially once a product or service was delivered, site sensors would then record the necessary delivery data onto the blockchain, triggering the creation of a smart contract between the businesses and its bank. This contract would then send a notification that necessary terms or services have been met and payment would in turn be provided automatically.
The partners confirmed an expected launch of the pilot closer to 2018’s end, planning to include official regulators, firms, businesses and financial entities across Australia to take part. As an end goal, the project focuses on incorporating Australian based businesses into the platform in an attempt to test out, relay data, and confirm the platform’s authenticity regarding legal contracts.
What Happens Next
Data61 took part in a 2017 research project with Dr. Mark Staples who discovered the potential distributed ledger tech offered to Australian businesses and boost local advancements. Once the pilot test has been successful, CSIRO announced its intent on launching this technology to other markets who may be interested.