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Australia’s CSIRO, CommBank Complete ‘Smart Money’ Blockchain Trial

Published 11/13/2018, 04:00 AM
Updated 11/13/2018, 04:45 AM
© Reuters.

Australia’s federal science agency and one of the biggest commercial banks in the country say they have completed a successful trial of a prototype blockchain app that aims to make money "smart."

The Commonwealth Scientific and Industrial Research Organization’s (CSIRO) Data61 division and Commonwealth Bank of Australia (CommBank) announced the end of the trial Wednesday, saying the blockchain-based "programmable money" app could improve the management of insurance payouts and budgeting.

Part of a blockchain project dubbed Making Money Smart, the trial saw participation from 10 members of the country’s National Disability Insurance Scheme (NDIS), allowing them to cut administration costs and remove paperwork.

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