With the ever-growing scepticism of cryptocurrencies each passing day, their underlying technology has received a rather different welcome. Blockchain has been warmly received by several industries of the financial sector and it’s been hailed as the tech of the future. First of all, there is its immutability, and then there is the utmost security it provides because of decentralisation, as well as preventing monopoly in terms of data or information storage. Australia undoubtedly has been one of the many countries who are enthusiastic about this technology and want to implement it even on a national scale.
In a bid to ground foot as one of the leading innovators in blockchain technology and ensure transparency in businesses, Australia is launching its own blockchain that will enable business to take full advantage of legal smart-contracts that are powered by blockchain.
The platform which will be known as the Australian National Blockchain, will be developed by tech masters IBM, Data61 of CSIRO, and the law firm Herbert Smith Freehill. With the blockchain, businesses will be able to do as much as they want within every business transaction. Right from the negotiations in the deal to even its signing as well as finalising the agreement. Ceteris paribus, these smart contracts will make it possible for local business to activate businesses and events automatically.
Dr Mark Staples of Data61, CSIRO explained further that
“Data61’s independence and world-leading expertise will help to catalyse the creation of digital infrastructure for Australian businesses to transition to a digitally-enabled future. For complex enterprise contracts, there are huge opportunities to benefit from our research into blockchain architecture and into computational law. Smart contracts have many applications, and as the ANB progresses we look forward to exploring other business use cases to roll out,”
The Australian National Blockchain will also include a smart clauses feature. This will make it possible for data to be recorded and gathered from Internet of Things (IoT) sources, as well as activate clauses the very moment the stipulated conditions for contract are met.
Blockchain Makes Contracts Software Instead of Paper
Natasha Blycha, blockchain and smart legal contract lead at Herbert Smith Freehills mentioned that
“A contract is turning from a piece of paper into piece of software,”.
The project will help make businesses and the legal industry almost paper-free, a thing that has been much sought after or years. It will also make simple some very complex supply chains as well as making the entire business industry generally automated. Moreover, data sharing between stakeholder and customer will be faster, easier and more secure on a blockchain-backed network.
Australian National Blockchain will further add to the country’s numerous initiatives in blockchain technology. From voting right up to creating the world’s first ever blockchain based bond, Bond-i. Bond-i is the first of many stages to making the issuing of binds fully automated. There also is the Digital Transformation Agency’s research into the technology for the purpose of further securing welfare payments. There is also another government funded project under Sustainable Sugar Project also to help track sugar supply chain in the country, much like Cardano is doing with coffee in Ethiopia. Cointree is also looking at possible means of making people pay for household bills with cryptocurrencies in a bid to both promote cryptocurrencies and blockchain adoption in the country.
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Featured Image via CSIRO
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