Blockchain ‘Smart Money’ to be Created by Commonwealth Bank of Australia, CSIRO

Commonwealth Bank of Australia (CBA), a leading multinational financial institution, is working with Commonwealth Scientific and Industrial Research Organization (CSIRO) to analyze blockchain capabilities in terms of programmable money or smart money for people with disabilities, CSIRO said on Monday. The project, which is in a test period, can have broader implications as several main governmental bodies backed the initiative.

CBA and CSIRO developed a mobile application, called “Making Money Smart,” for using distributed ledger technology (DLT) in the payment system of the National Disability Insurance Scheme (NDIS). The project will enable central authorities to strictly control and analyze how NDIS uses state funding for delivering services to people with special needs.

The CBA and CS…

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