Plan To Assist Australians Living With Disability Access Insurance Via Blockchain
At the moment, details about the project still remain scanty but advanced announcements are expected to be revealed next month.
Australian Turns To Blockchain For Citizens With Disabilities
An Australian agency is working with top four banks to conduct trials on blockchain application which will help facilitate the settlement of insurance by citizens living with disabilities. The federal science agency made the announcement on Tuesday.
The body is collaborating with CommBank, CS, and CSIRO. During the Tuesday statement, it emerged that the agency is currently testing the PoC section. The blockchain project has been dubbed Making Money Smart.
The main aim of the initiative is to launch a blockchain token that will link smart contracts to the NDIS platform. The link will make it easier for all parties to successfully initiate payments. All payments will be backed by already established conditions. Such conditions will entail how much money can be spent by an individual in a specified period.
According to the CSIRO, NDIS will be used to determine participants and service providers for the trial phase. The agency pointed out that all participants need to have a sophisticated personalized payment environment.
A prototype application will be used to back participants handle their plans by permitting them to pay for services from NDIS providers. It is important to note that all paperwork will be eliminated from the process.
Commenting on the development, Sophie Gilde from CommBank said that the blockchain will be used to share data of all NDIS participants across various platforms, automating payments. In return, the government will have an increased visibility of all money flows. In the end, it will lower costs.
Further details about the partnership will be revealed in the coming days. The Making Money Smart Project will be at an advanced next month. The November report will give details on advantages and shortcomings.
The current blockchain venture is just another one undertaken by the two agencies. A while back, CSIRO revealed that it was done with conducting trials on its blockchain system. The agency alleged that the blockchain can allow 30,000 cross borders payments in a span of one second.
Elsewhere CommBank has partnered with World Bank in an initiative that raised $81 million for a bond that was supplied through a blockchain system.