Australia is looking to rebuild its cryptocurrency economy with the help of blockchain tech. To accomplish the same; the Commonwealth Scientific and Industrial Research Organisation (CSIRO) of Australia partners with IBM and Herbert Smith Freehills, a law firm.

On Wednesday, CSIRO made the announcement via its official website, stating:

CSIRO’s Data61 has formed a consortium with law firm Herbert Smith Freehills and IBM to build Australia’s first cross-industry, large-scale, digital platform to enable Australian businesses to collaborate using blockchain-based smart legal contracts.

Australian National Blockchain (ANB) is Still under Process

ANB is currently not ready, however, as soon as the process is done, CSIRO hopes that this blockchain platform will be initially large-scale, available publically blockchain solution. Using this every business in Australia can employ and enjoy the benefits with regards to the legal compliance.

The technology aims to let the businesses automate transactions depending on pre-mentioned legal terms. This is basically to comply with the regulations in Australia, with a coding into smart contracts incorporating an IBM blockchain network.

This scheme will arrange the smart contracts holding the ability to record their external data sources. External sources including from the Internet of Things (IoT) devices which can themselves execute after meeting the specific conditions.

The agency reports in the announcement,

For example, construction site sensors could record the time and date of a delivery of a load on the blockchain and trigger a smart contract between the construction company and the bank that would automatically notify the bank that terms have been met to provide payment on that load delivery.

According to the group, the pilot will initiate it by the fourth quarter of 2018. It also plans to welcome banks, regulators, law firms with other businesses working in the country for participation.

However, it decides that firms of Australia can connect to the network for harnessing its digital contracts, switch data and affirm the authenticating status of legal contracts.

This attempt follows the recent research of 2017, which was conducted by Data61 with Dr. Mark Staples. He is the research scientist specifies that distributed ledger technology (DLT) is a notable opportunity for Australia. However, Australia can build the productivity benefits and drive in the local innovation.

CSIRO indicates that it intends to launch this technology to the markets including Australia if the pilot test comes out to be successful.

What will Australian National Blockchain Offer?

Australian National Blockchain will help the businesses to digitally handle the lifecycle of a contract”. Organisations will be able to employ blockchain-based smart contracts to boost business processes and events. The platform also promises to offer transparency and authorized accesses to limited “parties in the network”.

The Blockchain and Smart Legal Contract Lead at Herbert Smith Freehills, Natasha Blycha says:

Technologies like blockchain can transform the legal industry and the huge business landscape as we know it. This brings in a huge opportunity for agile and forward-thinking companies. It also holds the potential to deliver expected benefits to our clients and the business community as a whole.

She also mentions that their clients are enthusiastic about the procedure of automation. They are looking towards how it can support the paper operating systems. Basically, this is to ease the supply chains and make it quick and secure to share data with customers and regulators.

The Vice President, Cognitive Process Transformation Partner at IBM Global Business Services, Paul Hutchison says: