Australia’s Commonwealth Scientific and Industrial research organization (CSIRO) has confirmed that they will be issuing out a national Cryptocurrency, embracing a blockchain based digital asset to be used for domestic businesses
Partnering up with Global Tech giant IBM and law firm Herbert Smith Freehills to form a consortium, CSIRO’s Data61 is building Australia’s first official Cryptocurrency which will be known as the ”Australian National Blockchain” – ANB. As of right now, regulators are drafting the necessary legal framework and developers are testing ANB as a pilot project using IBM’s services with the intention of implementing a full-scale Blockchain in the foreseeable future.
Paul Hutchison, IBM Global business services and head of ANB pilot program said that
“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.”
The goal is to get as many participants to get involved by inviting key financial regulators, laws firms, traditional banks and national businesses to partake in this pilot test to further study the possibilities of employing a full-scale operational Blockchain.
ANB will have a variety of use-cases:
- Provide Smart Legal Contracts (SLC) via Cryptographic SmartContracts
- Enables digital management of the lifecycle of a contract
- Designed for Australian Legal Compliance
- Provide Distributed ledger for Data Storage
Businesses in Australia will have the ability to use smartcontracts written on the ANB blockchain. Smartcontracts executed on top of ANB will become legally binding under Australian jurisdiction, allowing businesses to enforce contractual agreements under a completely transparent and trustless digital platform
Government and Commercial oriented Digital Asset
Back in June 2018, the government signed an AUD 1 billion deal to work alongside IBM’s to help ensure that Australia has access to the latest cutting-edge solution, indicating that this country in the land down under has started to recognize the true potential of this upcoming disruptive industry
As the first large-scale public distributed ledger, the ANB project aims to drastically improve the infrastructure of Australia’s digital economy through the adoption of Blockchain technology