Australia is pushing their digital economy forward with the Australian National Blockchain (ANB,) a platform for building smart contracts, as revealed via a press release. The ANB is the result of a collaboration between IBM, CSIRO’s Data 61, and the Herbert Smith Freehills law firm.
Designed mainly for businesses in Australia, the ANB enables these companies to utilize smart contracts in the place of traditional legal contracts. When complete, this blockchain-based system will allow organizations to decide the length of a contract, access permissions, and even manage events surrounding the business.
The ANB will also contain smart legal contracts (SLCs) that allow companies to work with data from third-party devices, such as those compatible with the Internet of Things (IoT). Like with most blockchain contracts, these SLCs will validate automatically upon meeting the proper criteria:
“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.”
The First Australian Blockchain
The Australian National Blockchain will be the very first blockchain venture available to all businesses and has received the go-ahead from the Australian government.
The founding group of businesses will test the product in a pilot program while utilizing the IBM Blockchain to do so. At the same time, the association will also be working with an additional law firm to bring the ANB to a marketable state. As testing goes forward, more companies, law firms, and banks can join the program to test scalability. Trials will start before this year is over.
In a statement, Paul Hutchison, vice president and partner of Cognitive Process Transformation at IBM Global Business Services, said,
“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.”
If the test run is successful, the companies are looking to move the ANB technology outside of just Australia.
The IBM blockchain went live this July, providing a new way for banks and clients to trade with one another.
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