The Commonwealth Scientific and Industrial Research Organisation (CSIRO) in Australia recently announced the formation of a data consortium that comes in partnership with IBM and the law firm Herbert Smith Freehills – which will mainly focus on building a groundbreaking and large-scale, cross-industry blockchain platform to help Australian businesses collaborate and do business within.
Dubbed ‘the Australian National Blockchain (ANB)’, this platform is now being prepared. The early phase already introduced businesses to the game-changing infrastructure and helped them make use of the legally-enforceable smart contracts and exchange data, as well as to confirm the status and originality of legal contracts.
The ANB aims to permit Australian businesses to electronically manage the lifecycle of a smart contract – right from its negotiation through to its execution phase – with complete transparency and trustless, permission-based access among the parties on the platform.
To sum it up, ANB will let Australian Businesses gain the ability to use smart contracts and trigger business events and processes using preset milestones. The SLC provided by ANB will record information from external data sources such as IoT devices which will be able to self-execute once conditions are met.
The vice president and partner of the Cognitive Process Transformation at IBM Global Business Services, Paul Hutchison, commented the platform ahead of its pilot, stating:
“IBM Blockchain and the IBM Cloud provide the highest level of security to support even highly regulated industries such as healthcare and government, and IBM has extensive experience building blockchain networks and convening large consortia focused around solving important business problems. 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. The ANB could be that inflection point for commercial blockchain, spurring innovation and economic development throughout Australia.”
Meanwhile, IBM’s we.trade blockchain platform for finance recorded its first live trades in July 2018 – after more than a year spent in development.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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