Australia’s Commonwealth Scientific and Industrial Research Organisation (CSIRO) has announced the formation of a data consortium in partnership with IBM and law firm Herbert Smith Freehills for the purpose of building a groundbreaking large-scale, cross-industry smart contract platform for Australian businesses to collaborate and do business within.
Australian National BlockchainThe platform, which will be called the Australian National Blockchain (ANB) is being touted as potentially game-changing infrastructure within Australia’s digital economy, helping businesses around the country make use of legally-enforceable smart contracts and exchange data, as well as confirm the status and authenticity of legal contracts.
When it is fully operational, the ANB will permit Australian businesses to electronically manage the entire life cycle of a smart contract from negotiation through to execution under complete transparency and trustless, permissioned-based access among parties on the platform.
In other words, Australian businesses will gain the ability to use smart contracts to automatically trigger business events and processes using preset milestones. The smart legal contracts (SLC) provided by ANB include clauses to accommodate recording of information from external data sources such as IoT devices, with the ability to self-execute once conditions listed in the contract are met.
This is an extension of CSIRO’s extensive research into potential applications of blockchain technology for Australian businesses. In 2017, the Institute’s Data61 research unit released comprehensive research reports for the Australian Treasury detailing strategies for blockchain technology adoption across government and commercial applications in Australia.
Read more: https://www.ccn.com/australia-will-develop-a-nationwide-blockchain-platform/
