Australia’s federal science agency is collaborating with one of the “Big Four” commercial banks in the country to test a blockchain application steered towards making insurance payment settlements easier for citizens with disabilities, October 9.
Blockchain For Personalized Payment Conditions
In an announcement on Tuesday, the Commonwealth Bank of Australia (CommBank) and the Commonwealth Scientific and Industrial Research Organization (CSIRO) stated that they are testing the proof-of-concept as part of a blockchain project called “Making Money Smart.”
The aim is to put forward a blockchain token coded with smart contracts to Australia’s National Disability Insurance Scheme (NDIS). This will enable participants and service providers to deal with payments on pre-defined conditions such as “what it can be spent on, who it can be spent by, and when it can be spent.”
CSIRO further explained that the reason for choosing NDIS participants and service providers to run the trial is because they, especially the participants, need highly personalized payment conditions. The proof of concept has reportedly improved from the advice and feedback from government and industry leaders. It is also currently going through user testing with the NDIS participants and carers.
Greater Empowerment for Participants
The news release explains that participants in the NDIS have individualized plans that can include various budget categories which each has different spending rules. “The prototype app supports participants to manage their plan by enabling them to find, book and pay for services from NDIS service providers without the need for paperwork or receipts,” the announcement continued.
Sophie Gilder, Head of Experimentation and Blockchain Innovation Lab in Commbank, added:
Programmable money represents an opportunity to re-envisage how we think about money and how payments function across the economy. The potential of this technology for the NDIS is exciting, ranging from greater empowerment for participants, reduced administration costs for businesses and greater visibility for Government.
Expected in November, the partners will release another report for the Making Money Smart project which will lay out the benefits, designs, and limitations of the trial run with suggestions for other future applications.
This is not the only blockchain-related project of the agency. As reported by Ibinex News in August, CSIRO announced its Data61 will be working with tech juggernaut IBM and Herbert Smith Freehills to create a blockchain platform for the country’s businesses to converge on a single network.
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