Data61, an organization of the Commonwealth Scientific and Industrial Research Organisation (CSIRO), and the Commonwealth Bank of Australia (CommBank) announced on Tuesday that they had succeeded in a blockchain trial. The pair had experimented with a distributed ledger technology (DLT) application focused on the payment processes within Australia's National Disability Insurance Scheme (NDIS). Thus, CommBank and Data61 aimed to see whether DLT-based smart payments could improve the transactions within the country’s health and welfare sector.
The trial comes on the heels of CommBank’s recent partnership with Data61, on which we reported in October. The two organizations have been trialing the application, called “Making Money Smart,” for less than a month. The concept of smart money allows for certain conditions to be linked to payments, with NDIS’s payment plans acting as the first use case for the prototype system. Under the project, central authorities could have total control over how NDIS applied state funding for providing services to those with special needs.
Data61 and CommBank used a permissioned Ethereum blockchain network that incorporated smart contract capabilities, which allowed the parties to monitor and control the flow of funds from the government. The experimenters agreed that blockchain enabled governments, companies, and welfare recipients to avoid the search for receipts and ha...
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