Australia is rapidly establishing itself as one of the global leaders of blockchain innovation. With a new blockchain initiative, Australian companies will be able to exploit legal legal agreements with blockchain in various business processes for greater efficiency and transparency.
The Australian national platform Blockchain will be launched
The initiative, labeled Australian National Blockchain (ANB), is being developed with the collaborative efforts of Data61 of CSIRO, the law firm Herbert Smith Freehill and IBM. The large-scale cross-industry blockchain will help local businesses use blockchain for various stages of the life cycle of a contract, from negotiation to signing, until the end of an agreement. The use of blockchain-based smart contracts will also allow organizations to automatically activate processes and events.
ANB's Smart Legal Contracts (SLC) will also be provided with intelligent clauses that can record data from external sources such as the Internet of Things (IoT) data of the device, thus allowing the self-execution of these clauses in the event that the conditions stipulated in the contract are met.
"Data61's independence and world-leading expertise will help catalyze the creation of a digital infrastructure for Australian companies to transition to a future enabled digital system." For complex business contracts, there are tremendous opportunities to benefit from our blockchain architecture research and computational law Intelligent contracts have many applications and as ANB progresses, we are not looking forward to exploring other business use cases. "
declared the dott. Mark Staples, CSIRO senior data61 researcher.
This new infrastructure is ready to transform the legal industry and the general business landscape by promoting automated, paperless business processes and simplifying supply chains. Blockchain chain authorized networks will allow parties to share information with stakeholders as customers and regulators quickly and securely.
Blockchain innovation in Australia at full capacity
According to a recent PwC survey, Australia is among the world's blockchain leaders along with the US and China. Recently, the Australian Commonwealth Bank, together with the World Bank, created and managed the world's first blockchain-based bond. The bond, called Bond-i, raised $ 110 million from investors such as the Commonwealth Bank of Australia, the NSW Treasury Corporation, the Northern Trust, the Treasury Corporation of Victoria, the local First State Super pension fund, QBE and SAFA. Blockchain-based bonds are the first step towards removing all manual processes in bond issuance and making the process fully automated.
The country has also ongoing other blockchain and crypto initiatives. The Australian Digital Transformation Agency (DTA) is exploring the blockchain for the development of welfare payments and the prototype should be ready by mid-2019. The government has also granted a grant of $ 1.7 million to the Sustainable project Sugar, will use blockchain technology to track the origin of sugar supplies in Australia.
In another initiative that aims to promote crypto adoption, Cointree's cryptocurrency exchange and Gobbill billing platform have worked together to allow cryptocurrency owners to pay their household bills for utilities and services in crypt.
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