IBM, Law Firm Herbert Smith Freehills, and CSIRO (Commonwealth Scientific and Industrial Research Organization) are partnering to form a data consortium. The partnership will be building an innovative, cross-industry smart contract platform on blockchain. As a result of this platform, Australian businesses can easily collaborate and carry on business within.

Australian Countrywide Blockchain

The platform, to be known as Australian National Blockchain (ANB), is a potentially groundbreaking infrastructure inside Australia’s digital economy. The digital currency platform will help businesses throughout the country to use legally-executable smart contracts. Consequently, the exchange of data in addition to confirming the position and genuineness of legal contracts will become easier now.

When the ANB is completely functional, Australian businesses can electronically manage smart contracts right from negotiation through to implementation.

The ANB provides SLC (smart legal contracts) comprising clauses to adapt recording of info from outside data sources like IoT devices. This will have the ability to self-finish the contracts as soon as the conditions mentioned in the contract are met.

This is in continuation of CSIRO’s extensive study into the possible utilization of blockchain technology for Australian businesses.

Pilot Venture

The development of ANB is with the backing of IBM, the computing giant.

Based on information from CSIRO, Herbert Smith Freehills, and Data61, ANB will be the lead project by IBM Blockchain. If the tryout is triumphant, the program is to set up the structure across Australia as well as beyond.

Plans are as of now underway to bring Australian regulators, law firms, banks, as well as businesses involved in the pilot. The pilot is to take off before 2018 ends.

Paul Hutchison, vice president and partner of Cognitive Process Transformation at IBM Global Business Services says:

“IBM Blockchain and the IBM Cloud provide the highest level of security to support even highly regulated industries such as healthcare and government, and IBM has extensive experience building blockchain networks and convening large consortia focused around solving important business problems. Blockchain will be to transactions what the internet was to communication – what starts as a tool for sharing information becomes transformational once the adoption is widespread. The ANB could be that inflection point for commercial blockchain, spurring innovation and economic development throughout Australia.”

Dr. Mark Staples, the senior research scientist at Data61, conveyed hopefulness about ANB. He feels that ANB will build a thrilling variety of new chances for Australian businesses.