The Commonwealth Scientific and Industrial Research Organization’s (CSIRO) Data61 division and Commonwealth Bank of Australia (CBA) have that they have successfully trialed a new type of blockchain-powered smart money. saying that it could be used to help manage insurance payouts, budgeting and the management of trusts and charities in Australia.
This technology was trialled with 10 participants and carers in the National Disability Insurance Scheme (NDIS) using a prototype app.
In their release CSIRO explain that the prototype app shows how smart money could give participants more choice and control over their disability support services, while cutting administration costs, removing paperwork and reducing the risk of fraud or accidental misspending.
It :
“The findings of the ‘smart money’ proof of concept were released today in a new report titled ‘Making Money Smart’.”
The report examines the design benefits and limitations of the blockchain-based ‘smart money’ system for the NDIS and identifies other use cases for the technology.
Mark Staples, Data61’s senior principal researcher in the Software and Computational Systems program, said that the use of blockchain could help them innovate “many payment environments and unlock network-effect benefits.”
He also explained that the use of blockchain added new kinds of programmable behaviors to the smart money in the prototype system. He believes that the automation and flexibility could reduce friction and enable greater innovation in many payment environments and unlock network-effect benefits.
He added:
“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.”
Australian Federal Agency had already in August said that they are interested in for streamlining business processes. As it has become known, the research arm of Commonwealth Scientific and Industrial Research Organization, Data61, is cooperating with law firm Herbert Smith Freehills and IBM with a view to launch a new platform that will be named the Australian National Blockchain.
It is said that the Australian National Blockchain will enable companies to manage the entire lifecycle of a contract digitally, starting with a process of negotiations, proceeding to a moment of signing and continuing over the whole term of the agreement.
The main goal of the technology is digitalization of transactions on the base of pre-defined legal terms that fully comply with Australian regulations. These terms are coded into smart contracts and are placed in an IBM-powered blockchain network.
Commonwealth Bank’s Head of Government and ADIs Julie Hunter confirmed that they are excited by the potential to enable NDIS participants to exercise greater choice and control over their disability support services, while streamlining budget management and removing the need for paperwork.
She said:
“The results also show potential to reduce administration costs for disability service providers and the risk of fraud and accidental misspending. The trial has also highlighted that the technology could have wide application across the government, business and not-for-profit sectors. We look forward to exploring these opportunities with our partners and clients across Australia.”
Commonwealth Bank’s Blockchain Innovations
In this year, CBA announced that they are delivering the world’s first ever bond transaction on blockchain after winning a mandate from the World Bank to conduct the issuance of the bond. Once issued, the bond is distributed on an ethereum blockchain-based platform operated by CBA and the World Bank in Sydney and Washington.
Commonwealth Bank modelling indeed indicates that, even if these estimates were applied conservatively across the NDIS ecosystem, the economic benefits would equate to hundreds of millions of dollars annually, if the proof of concept was developed and implemented as part of a full-scale solution across Australia.
On December 6, Manila will welcome the second by Smile-Expo – the large event focused on DLT and crypto coins. The last year’s meeting has gathered 300 guests, 12 companies in the demozone and top speakers from top world companies.
Who Will Speak at the Conference?
At this year’s event, sphere’s top professionals will discuss the topical issues regarding the technology and the crypto industry’s trends.
The Co-Founder and CCO at Satoshi Citadel Industries Miguel Cuneta will deliver the presentation “You Probably Don’t Need Blockchain For It.” During his talk, the expert will explain when blockchain is not needed and regular database is enough.
The event will also include the panel discussion “Smart Contracts and Legal Contracts.” Among the participants there will be Rafael Padilla, one of the establishers of Blockchain Association of the Philippines (BAP). The organization spreads the crypto knowledge and unites DLT enthusiasts to promote the global adoption of the technology.
Business Owner at Tagcash – Mark Vernon – will explain what are the permissioned blockchains and will demonstrate use cases with MultiChain and Stellar. During his speech, the expert will focus on shared KYC, international remittance and supply chain tracking.
Lito Villanueva, Chairman at FinTechAlliance.ph, will give an insight into the digital assets as liquid alternatives in investment. The goal of his organization is to stimulate innovations and promote the expansion of the technology.
Jorge Azurin, CEO & Founder at MediXserve, will describe how DLT works in the medical industry, present real-life use cases and examine the future of healthcare with blockchain.
What Else is Waiting for Visitors?
The conference will also involve the demozone, where DLT-based corporations will have a space to present their new crypto products to the audience.
Pitch-sessions will be a part of the program as well – during small presentations, crypto startups will acquaint the guests with their ideas.
Networking will present the opportunity to find potential business partners and investors.
Venue and Tickets
The event will take place in the Holiday Inn & Suites Makati Hotel in Manila.
Tickets for the event are available on the . On 12-18 November, event’s organizer provides a possibility to get two tickets for the price of one with the promocode 2FOR1.
Organizer
The event will be coordinated by the company – an organizer of 48 successful blockchain events in 25 countries.
The president of the Marshall Islands, Hilda Heine, has narrowly survived a no-confidence vote. One of the principal catalysts for the challenge to Heine’s leadership has been opposition to her plan to introduce a national virtual currency.
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Heine Barely Survives No-Confidence Vote
Heine, the 67-year-old president of the island nation and the sole female head of state in the Pacific region, barely survived the parliamentary , which took aim at her leadership. The parliament voted 16-16, just one vote shy of the 17 votes needed to overthrow Heine.
Despite the lack of formal political parties in the Marshall Islands, Heine’s opposition appears to have been led by Casten Nemra, the country’s former president. Nemra has argued that Heine’s plans to introduce a state-backed digital currency, the Sovereign, have tarnished the government’s international reputation. Eight Marshallese senators supported this claim against Heine before the no-confidence vote was brought to parliament.
Finance Minister Brenson Wase has indicated that the government intends to proceed with its plans for the Sovereign once it has met the requirements of the U.S., Europe and the International Monetary Fund (IMF). The proposed rollout of the Sovereign would see the virtual currency given the same recognition as the U.S. dollar within the Marshall Islands.
In September, the IMF issued a warning to the Marshall Islands regarding its plans to introduce the Sovereign, stating: “The potential benefits from revenue gains appear considerably smaller than the potential costs … In the absence of adequate measures to mitigate them, the authorities should seriously reconsider the issuance of the digital currency as legal tender.”
Other Challenges to the President’s Leadership
The former president also accused Heine’s government of failing to investigate the loss of $1 billion from the Marshall Islands Trust Fund. The fund was established by the United States to compensate Marshallese citizens who were affected by past nuclear tests.
Additionally, Heine has faced another political challenge. She has been accused of undermining the sovereignty of the Marshall Islands through her support for a Beijing-backed plan to turn Rongelap — an atoll inhabited by just 20 individuals that is under the administration of the Marshall Islands — into a special administrative zone that would host a tax-free port and offshore company registrations. Speaking to the parliament, Heine described the no-confidence vote as comprising a “referendum about our own politics.”
Do you think Heine’s government will be successful in its plan to introduce a national cryptocurrency? Share your thoughts in the comments section below!
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