Australia is getting a national blockchain for the country’s businesses, developed by IBM in partnership with Herbert Smith Freehills and Data61.
Data61, which is part of the Commonwealth Scientific and Industrial Research Organisation, is developing the blockchain alongside IBM and law firm Herbert Smith Freehills, and it will be dubbed the ‘Australian National Blockchain’ (ANB).
Dr Mark Staples, senior research scientist at Data61, said: “For complex enterprise contracts, there are huge opportunities to benefit from our research into blockchain architecture and into computational law. Smart contracts have many applications, and as teh ANB progresses we look forward to exploring other business use cases to roll out.”
The ANB will be the first publicly available blockchain solution available to all businesses across Australia.
Earlier this year, an 80-year-old Singaporean decided to test out how blockchain and crypto friendly the country was by going on holiday with only Bitcoin. The man paidfor everything with crypto incuding airport transfers, hotel, meals, entertainment and transport.
“Blockchain will be to transactions what the internet was to communication – what starts as a tool for sharing information becomes transformational once adoption is widespread,” said IBM Global Business Services head Paul Hutchison. “The ANB could be that inflection point for commercial blockchain, spurring innovation and economic development throughout Australia.”
Natasha Blycha, blockchain and smart legal contract lead at Herbert Smith Freehills, added: “Our clients are enthusiastic about process automation, and how it can support a move away from paper-based systems, simplify supply chains and quickly and securely share information with customers and regulators.”