As per CNN report, a data consortium has been formed between Australia’s Commonwealth Scientific and Industrial Research Organization (CSIRO) in partnership with Herbert Smith Freehills and IBM. The data consortium thus formed will work towards developing a cross-industry smart contract platform for Australian businesses to collaborate and work together.
The alleged smart contract platform to be named as the Australian National Blockchain (ANB) is expected to overhaul the way business collaborate and work. The blockchain platform will provide the Australian businesses a place where they could share legitimate data and contracts.
Once developed, the entire business market of Australia will be able to use the smart blockchain technology to contact clients, seal deals, make contracts, and seek legal permission within one single platform. The platform will have all the necessary details stored in a secure manner.
The latest development will enable Australian business make a smart announcement for business events and set milestones in the swiftest and automated manner. The ANB will come with smart legal contracts (SLC) which will include clauses for recording information by using external resources for example internet of things. The clauses will be focused to encourage self-execution of contacts once there are listed.
The CSIRO has for long been studying the possibility of implementing blockchain technology for better business management. In 2017, the CSIRO released a research report detailing the advantages of blockchain adoption in government as well as at commercial level in Australia. The latest happening is likely to boost the blockchain technology in Australia for better control on how business is conducted in the country.
According to a CSIRO’s report, Herbert Smith Freehills, IBM, and Data61 will run a trial on ANB using IBM blockchain before introducing it to the businesses. On successful completion of the trail, the blockchain framework would be deployed in the country and would also be promoted outside the country.
Certain plans are also there to include Australian regulator, financial institutions, and law firms together with businesses in the pilot trial which is postulated to start in 2018. Commenting on the latest outcome, IBM stated that ABN is expected to revolutionize commercial blockchain, encourage innovation, and led to the country’s economic development. Dr Mark Staples, senior research scientist from Data61 was also seen applauding the trail saying that the ANB is expected to create new business opportunities in Australia.
Commenting on Data61’s role in the trail, Staples said that the unit will play a crucial role in catalyzing the development of a digital platform for Australian businesses. ANB holds great opportunities for everyone alike, added Staples. Data61 together with other teammates will explore the benefits that SCL can bring to Australian businesses, stated Staples.
The introduction of SCL will allow businesses to digitalize almost every aspect of business whether it be sharing documents or signing contracts. The information thus shared will hold a proof of accuracy as it will be shared through the securest blockchain technology. The pilot trial, although is expected to start in 2018, with the date of its commencement is yet to be revealed.