The consortium launches "Australian National Blockchain"

The Data61 group of CSIRO, the law firm Herbert Smith Freehills and IBM established a consortium to create a blockchain-based smart contract platform called the Australian National Blockchain (ANB).

Using ANB, companies of all types and sizes are able to use digitized contracts, exchange data and confirm the authenticity and status of legal contracts, said the consortium.

Considered as "a significant new infrastructure in the digital economy of Australia ", the blockchain will allow companies to manage Smart Legal Contracts (SLC) for the entire duration dell & # 39; agreement.

SLCs can include "intelligent clauses" that can record external data and self-execution if the conditions are met. An example provided by the consortium consisted of sensors in a construction site that recorded the time and delivery date of a load on the blockchain which activates an intelligent contract between a construction company and a bank, automatically notifying the bank that the terms have been met to provide payment on delivery.

ANB is based on IBM Blockchain and the consortium is working with another unnamed Australian law firm to bring it to market. Regulators, banks, law firms and companies will be invited to participate in a pilot project that should start before the end of the year.

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