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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.
" Blockchain will be for the transactions what the Internet was for communication – what starts as a tool for sharing information becomes transformational once the adoption is widespread. The ANB could be the turning point for the commercial blockchain stimulating innovation and economic development through Australia "said Paul Hutchison, vice president, Cognitive Process Transformation, IBM Global Business Services.
Data61 launched a complete overhaul of blockchain and smart contract technology last year. The review included two reports – Distributed Ledgers: Scenarios for the Australian economy in the coming decades and Risks and opportunities for systems using blockchains and smart contracts for the Treasury on how the technologies could be adopted through the government and the industry.
So the treasurer Scott Morrison then said that blockchain would have had a "profound impact" on the economy.
"Our reports have identified distributed ledger technology as a meaningful opportunity for Australia to create productivity gains and promote local innovation," said Mark Staples, senior researcher at Data61.
"For complex business contracts, there are huge opportunities to benefit from our blockchain architecture research and the law Computational: Intelligent contracts have many applications and with ANB progress we are not looking forward to exploring other business use cases to be implemented. "
Block party
Many Australian companies are already experimenting with blockchain-based smart contracts.
In July, Commonwealth Bank and five major supply chain operators negotiated and tracked a shipment of seventeen tons of almonds in a blockchain pilot, storing container information, completing tasks and documents shipping, on a specially constructed blockchain.
In February, Webjet launched "blockchain as a service" to four travel agencies and hoteliers, for help them reduce financial loss and pain caused by contested bookings.
The APAC arm of the logistics giant UPS in March announced that it was working on a proofchain proof of concept within its supply chain environment with the listed software provider ASX Yojee.
ASX is working to replace its decades-old Electronic Subregister System (CHESS) clearing house with blockchain-inspired distributed register technology to record holdings and manage the clearing and settlement of equity transactions.
However, this year's Gartner research revealed that less than 1% of CIOs globally have invested or implemented any type of blockchain-based solution within their organizations.
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