Data61 is the leading Australian digital research network with an aim to partake in our future data-driven world. Created by Australia’s Commonwealth Scientific and Industrial Research Organization (CSIRO) and in partnership with Commonwealth Bank (CBA), they now have developed an app to trial & explore the potential for blockchain technology to create ’smart money’ (1). The first use case is targeted to participants and service providers of National Disability Insurance Scheme (NDIS) to find, book and pay for services with zero paperwork or receipts. Using blockchain, immutable records can be made, kept and accessed in real time, thus speeding up the procedure, security and reducing cost all at once.
Dr Mark Staples, Senior Principal Researcher in the Software and Computational Systems program, Data61, CSIRO:
“The NDIS was selected as the first case study for the proof of concept, as it involves highly personalised payment conditions. In the NDIS, participants have individualised plans that can contain multiple budget categories – each with different spending rules.”
“This has been a really interesting research project into how blockchain technology can integrate with new payments technologies to provide more choice, control and flexibility for conditional payments for NDIS participants and service providers. We’re particularly interested in the broader research opportunity around programmable money, because it should reduce friction in business transactions, and enable companies to create new business models and innovative ways of delivering and paying for products and services. This would benefit customers and reduces the administrative burden involved in managing payments.”
Pre-trial feedbacks have already arrived from participating insurance related firms. A report is scheduled to be released in November by CBA and Data61. Feedback and recommendations from the upcoming trial will be utilized for subsequent developments.
Many use cases of blockchain, particularly in numerous cost cutting transaction steps that will make many middlemen and middle institutions obsolete in the coming future. Don’t miss the future, stay tuned with The Future is Now!
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