As the industry gains momentum, governments and businesses are beginning to recognize the potential of the blockchain and how emerging technology can simplify its operations.
Australia is one of the most cryptic and blockchain friendly countries looking for technology applications. The scientific and industrial research organization of the Commonwealth (CSIRO) has formed a consortium with the law firm Herbert Smith Freehills and IBM. The goal is to build the first large-scale cross-industry national platform that will enable Australian companies to collaborate using smart blockchain legal contracts.
The platform will be known as Australian National Blockchain (ANB) and will allow companies to exchange data and confirm the authenticity of legal contracts using smart contract technology in addition to digital management of their life cycles. The smart legal contracts will be provided by the clauses containing the ANB with "the ability to record external data sources such as IoT data (Internet of Things), allowing these clauses to self-execute if specific contractual conditions are met", according to the press release.
Herbert Smith Freehills head of the blockchain, Natasha Blycha, said:
"Technologies like blockchain are destined to transform the legal industry and the wider business landscape as we know it. huge opportunity for agile and forward-looking companies and has the potential to deliver significant benefits to our customers and the business community as a whole.Our customers are excited about process automation and how it can support a move away from paper systems, simplify supply chains and share information quickly and securely with customers and regulators. "
The platform will be tested in a pilot powered by IBM's blockchain solutions. Regulators, banks, law firms and Australian companies will be invited to participate in the pilot project that should begin before the end of 2018. IBM Global Business Services Vice President and Partner, Paul Hutchison, added:
"IBM Blockchain and IBM cloud provides the highest level of security to support highly regulated sectors such as healthcare and public administration, and IBM has extensive experience in creating blockchain networks and in convening large consortia focused on resolving important business problems "
CSIRO Data61, Australia's leading digital research network, will lead the development of the ANB platform. "The independence of Data61 and the world's leading expertise will help catalyze the creation of a digital infrastructure for Australian businesses to transition to a digitally enabled future." For complex business contracts, there are huge opportunities for take advantage of our blockchain architecture research and computational law, "added senior researcher Mark Staples.
Numerous positive developments have emerged in the Australian industry in recent months, including a bond block ordered by the Common Wealth Bank of Australia (CBA) through the World Bank.