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The Commonwealth Bank of Australia (CBA) and the Data61 government-run digital innovation center released the results of their process for a blockchain-based "smart money" system for the National Disability Insurance Scheme (NDIS). The development was reported by the local economic and financial news platform Business Insider Australia today, November 13th.
Data61 is a center of digital innovation that is part of the Commonwealth Scientific and Industrial Research Organization (CSIRO) – a corporate entity of the Australian government that undertakes scientific research to promote various local industries. The $ 93.5 billion CBA market is the largest bank in the country, as well as the 71st largest public company in the world.
Together with CBA, Data61 has developed what it calls "intelligent" – or programmable – money, a blockchain-enabled digital token that can be used for payments based on binding and pre-defined rules. Conditionality can result in which goods or services the token can be spent on, by whom and when, meaning it is suitable to help manage insurance payments, budgeting and management for trusts and non-profit organizations.
The technology was tested in a "Making Money Smart" proof-of-concept (PoC) involving ten participants and chaperones, using a tailored prototype app for NDIS. A number of medium-sized disability service providers have also taken part in the PoC.
On a scale, the CBA modeling indicated that the system's payoff would hit "hundreds of millions of dollars a year".
The dott. Mark Staples, Senior Principal Researcher of the Software and Computational Systems program of Data61 of CSIRO, is quoted by Business Insider Australia which states that the project was:
"[…] important […] to understand the advantages and limitations of blockchain technology in the context of conditional payment environments […] Our use of the blockchain has added new types of programmable behaviors to smart money in the prototype system. This automation and flexibility could reduce friction and enable greater innovation in many payment environments and unlock the benefits of the network effect. "
As previously reported, "Making Money Smart" was presented at the beginning of October. The Australian Government's Digital Transformation Agency (DTA) has been exploring a blockchain welfare payment solution since April, and Data61 previously suggested that its smart money system could be integrated into the solution.
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