Tuesday, 13 November 2018 10:35

CBA, Data61 use blockchain in smart money trial

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CBA, Data61 use blockchain in smart money trial Pixabay

The Commonwealth Bank and CSIRO'S Data61 unit claim to have successfully tested what they call a new type of smart money, using blockchain technology.

A statement from Data61 said the trial had shown that smart money could be used to manage insurance payouts, budgeting and management of trusts and charities.

The trial was carried out using a prototype app with 10 participants in the National Disability Insurance Scheme.

Data61 said the prototype showed that administration costs could be cut, paperwork removed and the risk of fraud reduced by using a method such as the one tested.

The prototype app tested the functionality of smart money enabled by a blockchain token solution that could integrate with Australia’s New Payments Platform.

“This has been an important research project for understanding the benefits and limitations of blockchain technology in the context of conditional payment environments, such as the NDIS,” Dr Mark Staples, senior principal researcher in the Software and Computational Systems program at CSIRO’s Data61, said.

“Our use of blockchain added new kinds of programmable behaviours to the smart money in the prototype system. This automation and flexibility could reduce friction and enable greater innovation in many payment environments and unlock network-effect benefits.

“This could include more directly connecting citizens to public policy programs, empowering people to optimise their spending through things like smart savings plans and smart diets, and reducing costs for businesses, including through the potential for self-taxing transactions.”

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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