The Commonwealth Scientific and Industrial Research Organisation’s Data61 of Australia is analysing blockchain for its use in the NDIS. The National Disability Insurance Scheme (NDIS) of the federal government works for the disabled persons and their carers funding.

The motive behind the initiative is to explore the various aspects of blockchain applications. The NDIS participants and users get highly personalised payments in the NDIS scheme. Hence, the Data61 team opines that NDIS is the best platform for the trials.

The team of Data61 is also collaborating with the Commonwealth Bank of Australia (CBA) with the intention of making “smart money”. This money will be based on the blockchain platform.

Using this platform, the carers, as well as the disabled persons, can receive multiple funds. These funds will provide specific services and the power to purchase goods. This will also entitle the users to find, pay and book for a service without the need of paperwork or receipts.

Moreover, this initiative will reduce the time and efforts required to fetch the basic facilities, as reported by Data61. Hence, people can trust both the scheme and the Government. This initiative has already undergone through multiple successful trials before.

CBA’s Head of Experimentation and Blockchain, Sophie Glider also stated her views regarding this matter. She explained that the idea of showcasing the exact flow of money across the country can be realised by using the smart money. This will, in turn, lead to a better experience for both sides of the party. By exploring blockchain and its vast area of possibilities, the team also aims to introduce into other sectors in near future.