Australia Tests Blockchain ‘Smart Money’ for Disability Insurance

Australia Tests Blockchain 'Smart Money' for Disability Insurance

A federal research branch of the Australian government has partnered with a major national bank to conduct blockchain testings for disability insurance claims via a smart contract-backed token.

The Commonwealth Scientific and Industrial Research Organization (CSIRO) and the Commonwealth Bank of Australia (CommBank) announced details of the ”Making Money Smart” project Tuesday, saying they are currently testing the proof-of-concept.

Together, they will investigate the usability of blockchain in creating what they describe as “smart money”, using Australia‘s National Disability Insurance Scheme (NDIS) as an initial case study.

Through binding smart contracts encoded into tokens, the project is attempting to solve the issue of NDIS funds being spent outside of the scheme’s preconditions, such as on banned items, outside of the restricted time frame, and by the wrong people. These ”highly personalized payment conditions” were the reason it was chosen for the first proof of concept, to ensure that blockchain technology could meet all of the necessary requirements.

So far, a prototype app has been developed for participants in the NDIS scheme, which aims to give users improved management over their plans by giving them a direct, paperless method for finding, booking, and paying for NDIS service. The proof of concept has received input from government officials and industry leaders, right now being tested by NDIS participants and carers.

Several external participants helping collaborate on the project are cited as the Digital Transformation Agency, the Department of Human Services, FinTech Australia and the Australian Digital Commerce Association.

Sophie Gilder, Head of Experimentation and Blockchain at the Innovation Lab, CBA said that due to the complexity of the project, she recognized a substantial amount of feedback from different organizations with a variety of expertise would be most beneficial. Gilder said, “We threw open the doors and the response has far exceeded our expectations,” a press release reports.

A further more detailed report on the Making Money Smart trial will be shared with the public in November, including information regarding the design, benefits, limitations, and viability for the token to be used in other cases.

 

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Image Courtesy: Pixabay

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