The Commonwealth Scientific and Industrial Research Organisation (CSIRO) of Australia has announced a large-scale collaboration with IBM and Herbert Smith Freehills, to implement a cross-industry, blockchain and smart contract platform for trade.
The Australian National Blockchain (ANB) will be the first large-scale publicly available blockchain solution. Merchants can easily comply and gain benefits from using the ANB.
Dr Mark Staples, a senior research scientist at Data61, believes that ANB holds a great deal of potential for the Australian market and added:
“Our reports identified distributed ledger technology as a significant opportunity for Australia to create productivity benefits and drive local innovation. 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 ANB will provide customers with access to information regarding their history of transactions and at the same time, allow merchants to digitally manage the life-cycle of a contract.
Both parties benefit from the irreversible nature of the decentralised ledger that is blockchain, as it gives them additional security and also enables them to set conditions via smart contracts, that once met, will eventually proceed the transactions that are required to be fulfilled.
The ANB could be the catalyst to the revolution of wide spread, global blockchain banking, that could make cryptocurrency mainstream.
The Australian National Blockchain, announced today that it will enable “companies nationwide to join the network to use digitized contracts, exchange data and confirm the authenticity and status of legal contracts.”
Natasha Blycha, Herbert Smith Freehills’ blockchain and smart legal contract lead added, “Our clients are enthusiastic about process automation, and how it can support a move away from paper-based systems, simplify supply chains and quickly and securely share information with customers and regulators.”
The news about the Australian National Blockchain comes off the heels of the report Coinedict published on August 16th about the Australian Stock Exchange(ASX) revealing that it would be implementing distributed ledger technology to govern their infrastructure.