CSIRO announces a formation of data conglomerate by teaming with law firm Herbert Smith Freehills and IBM. Australia’s Commonwealth Scientific and Industrial Research Organisation aim for creating a groundbreaking, cross-industry and large scale smart contract platform meant for Australian businesses to do business and collaborate with other parties.
This platform will be known as the Australian National Blockchain (ANB) which is gaining momentum already as withstanding potential and top-of-the-class infrastructure within the digital economy of Australia. ANB will work on helping business from across Australia to ensure utilization of smart contracts that are legally enforceable. It will enable the exchange of data and confirm the position as well as the authenticity of the contracts which are legal in all its capacity.
Once the platform is ready and entirely functional, the ANB will allow the Australian businesses for managing all their work and smart contracts electronically. It will do all the work from negotiating through the final execution of the contract with complete transparency to enhance trust and clarity between businesses. The details will be available for access on the permission granted platform between the parties.
The new initiative for the implementation of blockchain in this field can also allow Australian business to automatically trigger and arrange business events and procedures with the help of preset mileposts. Also known as SLC, the smart legal contracts, provided by ANB will have clause inclusion for the accommodation of information recordings through an external data. The devices such as IoT can prove functional in this case, and it comes with an ability to implement once the companies meet all the conditions in the contracts.
CISRO is exploring a researched way by applying the potential gains of blockchain by partnering it up with the contracts of Australian businesses. It isn’t the first venture vision by Australia regarding teaming blockchain technology in making the economy digitalized. Several findings in 2017 also discussed the research reports of strategies by the Australian Treasury for blockchain adoption in commercial and government applications of the country.
According to the statement released by CISRO, the trial ANB pilot project will execute in sponsorship with Data61, Herbert Smith Freehills and with the help of IBM Blockchain technology strategies. In the case of the trial being successful, there will be a framework installation everywhere in Australia.
The pilot framework is expected to release before the end of the year, and as a result, plans are in motion now for bringing country’s regulators, law firms, banks and all businesses onboard with the project.
Paul Hutchison, vice president and partner at the Cognitive Process Transformation at the IBM Global Business Services, says that one can expect only the highest level of security from IBM Cloud and IBM blockchain to support heavily regulated industries such as government and healthcare. Moreover, IBM has successful experience in creating blockchain networks along with accommodating a focus on solving any issues with a business that might arise.
The blockchain is an important part for transactions, as important as the internet is for communication says, Hutchison. It has become an important tool for information sharing in a community as digital as today. At this point, ANB spurs innovation and benefits in a commercial blockchain to develop Australia’s economy.
Dr. Mark Staples, the senior research scientist at Data61, imposes his optimism for ANB on creating new opportunities, mainly incorporated by the Australian businesses. He says that they have identified the ledger technology as an opportunity for spurring new benefits from local innovation. Data61 will provide their expertise in creating a digital infrastructure for the Australian business enterprises to benefit from blockchain technology.
Smart contracts have several applications, and the progress of ANB encourages looking forward to exploring other businesses in Australia with this initiative.