Commonwealth Bank trials smart-money on blockchain

A new type of smart money, powered by blockchain, has been successfully trialled by CSIRO’s Data61 and the Commonwealth Bank (CBA).

The trial demonstrated that programmable money, could be used to help manage insurance payouts, budgeting and the management of trusts and charities in Australia.

The technology was trialled with 10 participants and carers in the National Disability Insurance Scheme (NDIS) using a prototype app.

The prototype app shows how smart money could give participants more choice and control over their disability support services, while cutting administration costs, removing paperwork and reducing the risk of fraud or accidental misspending.

The findings of the ‘smart money’ proof of concept were released today in a new report titled ‘Making Money Smart’.

The report examines the design benefits and limitations of the blockchain-based ‘smart money’ system for the NDIS and identifies other use cases for the technology.

The NDIS prototype app aimed to test the functionality of smart money enabled by a blockchain token solution that could integrate with Australia’s New Payments Platform, which are new technology developments that have progressed considerably since the NDIS was first envisaged in 2011.

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Source: Commonwealth Bank trials smart-money on blockchain – techAU