Australia Unveils New ‘Smart Money’ Blockchain Solution For Enhancing Payments
Australia’s Commonwealth Scientific and Industrial Research Organization and Common Wealth Bank of Australia have unveiled a new blockchain solution. The proposed blockchain solution seeks to make money ‘smart’ as a way of enhancing insurance payouts and budgeting. The two unveiled the new solution as part of a new report dubbed ‘Making Money Smart.
Making Money Smart
The blockchain solution comes coded with smart contracts that allow participants to execute payments based on predefined conditions. Automation of the payment process according to CSITO and Command could trigger cost savings into millions of dollars.The smart money application benefited from advice from the likes of Digital Transformation Agency, The Treasury and Reserve Bank of Australia.
The Proof of concept seeks to test the functionality of the smart money system on a blockchain solution. Plans are already underway to integrate it with Australia’s New Payment’s Platform. Principal researcher, Mark Staple remains optimistic of the solution having a ripple effect in various payment environments.
According to the researcher, the development of the solution allowed them to understand the benefits and limitations of blockchain technology.
“Our use of blockchain added new kinds of programmable behaviors 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,” said Dry Mark Staples, Senior Principal Researcher in the Software and Computational Systems program at CSIRO's Data61.
Smart Money Blockchain Trial
The two have already completed trials with 10 participants as well as cares at the National Disability insurance scheme. Trials demonstrated that smart money could eventually help enhance efficiency when it comes to insurance payouts as well as budgeting. The blockchain solution could also be of great help in the management of trusts and charities in the country.
The technology could find wide application beyond the insurance sector. According to researchers, the solution could find a broad application across the government as well as in businesses and non-profit sectors.
Initial indication is that the blockchain solution will give people more choice and control when it comes to insurance processes. The solution could also be of great help in connecting citizens to policy programs. It could also help people optimize spending spree through things like smart saving plans as well as smart diets.
The solution also stands to cut administration costs as well as remove paperwork and reduce the risk of fraud. The blockchain solution could help NDIS participants and careers save between one hour and fifteen a week.