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Data61 of CSIRO has collaborated with the law firm Herbert Smith Freehills and the technology giant IBM to build a network of intelligent block legal contracts.
According to Data61, the Australian National Blockchain (ANB) will allow organizations to digitally manage the life cycle of a contract, from negotiation to signing and continuation of the contract term.
The service, based on IBM Blockchain, will provide organizations with the ability to use blockchain-based smart contracts to enable business processes and events, and companies on the network will be able to use digitized contracts, exchange data and confirm the & # 39; authenticity and the status of legal contracts.
The ANB will provide smart legal contracts that contain intelligent clauses with the ability to record external data sources such as IoT data (Internet of Things), allowing the self-execution of such clauses if conditions are met specified contracts, Data61 explained [19659003] "Technologies like the blockchain are destined to transform the legal industry and the wider business landscape as we know it", said Natasha Blycha, Blockchain and Smart Legal Contract of Herbert Smith Freehills.
"This presents a tremendous 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 enthusiastic about 39. automation of processes and how it can support a move away from paper-based systems, simplify supply chains, and share information quickly and securely with customers and regulators. "
Data61, IBM and Herbert Smith Freehills will test the concept as a pilot project. The consortium is already working with another Australian law firm to bring ANB to the market, the group said, and plans to invite regulators, banks, law firms and other Australian companies to participate in the pilot project by end of the year.
the Australian pilot will succeed, the consortium intends to implement the technology in other markets beyond Australia.
"IBM Blockchain and IBM Cloud offer 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 solving major problems. business, "said Paul Hutchison, vice president and partner of IBM Global Business Services.
"Blockchain will be for transactions what the internet was for communication – – What starts out as a tool for sharing information becomes transformational once the adoption is widespread to be that turning point for the commercial blockchain, to stimulate innovation and economic development throughout Australia ".
