Please don’t skip this message — it only takes a minutes to read. Sorry to bother you, but time is running out.

Bitcoin is freedom. If you think independent, ‘bitcoin-only’ media is important, if you believe information and education about bitcoin matters for adoption, and if you have gained something from our work, we would be grateful if you could chip in $21. 

Join the 2% of our readers who occasionally make a donation. If everyone reading this donated just $21, we would reach our target in a couple of hours. $21 is all we ask for. To cover the cost for our servers, editors, writers, and thumbnail artists we rely on our readers’ generous support. 

How You can chip in:

  • Send sats as a tip to a writer. All of our writers have an active tipping widget.
  • Join our campaign on geyser.fund. 
    Awesome perks are waiting for you such as the limited edition Bukele Blend Coffee from El Salvador.
 

Your support ensures that Bitcoin News stays independent with a laser focus on Bitcoin and only Bitcoin.

DONATE NOW

Australia and IBM to Collaborate for National Blockchain

Australia and IBM to Collaborate for National Blockchain

Support free writers: > send a tip

written by

An Australian federal agency is teaming up with American multinational technology company IBM to develop a national blockchain on which smart legal contracts can be carried out.

The research branch of the Commonwealth Scientific and Industrial Research Organization known as Data61 have been working alongside both law firm Herbert Smith Freehills and IBM to create a pilot platform for the Australian National Blockchain (ANB) that will be available for use by businesses.

Australia-based companies will be able to use the network in order to utilize digital contracts, exchange data securely and confirm the authenticity and status of legally binding contracts. Upon finalization of the ANB, the developers hope to be able to offer a service that can fully manage the lifecycle of a contract through a permission-based access system from all parties.

The platform will also provide smart legal contracts with smart clauses and the ability to record external sources of data such as that retrieved from the Internet of Things, self-executing once all specified contract conditions are met. Designed for full legal compliance in Australia, ANB boasts to be the first large-scale, public to business blockchain solution.

Paul Hutchison, vice president and partner of Cognitive Process Transformation at IBM, pointed to the groundbreaking nature of blockchain technology, saying: ”Blockchain will be to transactions what the internet was to communication… ANB could likely spur innovation and economic development in the country as it harnesses that forward-thinking technology.”

The pilot is set to be launched by the end of the year for a number of invited regulators, banks, law firms and businesses to trial, with plans to eventually open up the platform to all companies in Australia.

Blockchain in Australia

While Australia may not have the highest rates of cryptocurrency adoption, it has made significant progress in terms of blockchain developments.

Earlier this month, the country’s government handed a USD 1.7 million grant to a sustainable sugar blockchain project that tracks the origins and movements of sugar imports. It is part of a larger initiative of the Smart Cane Best Management Practice that is attempting to bring transparency to the sugar industry and promote sustainability.

In July, the Commonwealth Bank of Australia successfully tracked a shipment of 17 tons of almonds from Sunraysia to Hamburg, Germany using blockchain. The blockchain stored documentation, finance information, and operations information, with customs documents uploaded as the shipment passed through countries’ borders.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? View our Media Kit PDF here.

Image Courtesy: Pixabay

Enjoyed the article?

100% of your tips go directly to [email protected]
Need a wallet? Get it here

⚡️ Tip The Author

Help spread this article :)

BitcoinNews.com is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com 

   Advertisement

bitcoin shop miami

Read More Bitcoin News

Hayek And Bitcoin

Hayek and Bitcoin

Hayek passed long before Bitcoin’s inception, but in his book The Denationalisation of Money, he argued for nothing short of stripping the state of its monopoly power of money itself.

Read More »

   Advertisement

bitcoin shop miami

Join our Newsletter

Video of the Week

   Advertisement

Latest on Bitcoin News

Join our Newsletter

   Advertisement