Australia is trying to refurbish its digital economy and to attain the same, Australia’s Commonwealth Scientific and Industrial Research Organisation (CSIRO) has joined hands with IBM and law firm Herbert Smith Freehills.
CSIRO made the announcement on its website, stating: “CSIRO’s Data61 has formed a consortium with law firm Herbert Smith Freehills and IBM to build Australia’s first cross-industry, large-scale, digital platform to enable Australian businesses to collaborate using blockchain-based smart legal contracts.”
Australian National Blockchain (ANB) still building
ANB is not ready yet but as soon as it is completed, CSIRO believes that the blockchain platform will be the “first large-scale, publicly available blockchain solution” that every business in the country can employ and get benefited in terms of legal compliance.
The objective is to help businesses across the nation to “join the network to use digitised contracts, exchange data and confirm the authenticity and status of legal contracts”, with a new platform called Australian National Blockchain (ANB).
What has Australian National Blockchain got to offer?
ANB will help businesses to “digitally manage the lifecycle of a contract”. Organisations will be able to employ blockchain-based smart contracts to boost business processes and events. The platform also promises to offer transparency and authorized accesses to limited “parties in the network”.
“Technologies like blockchain are set to transform the legal industry and the wider business landscape as we know it,” Natasha Blycha, Blockchain and Smart Legal Contract Lead from Herbert Smith Freehills said.
“This presents a huge opportunity for agile and forward-thinking firms and has potential to deliver significant benefits to our clients and the business community as a whole. 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.”
“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,” said Paul Hutchison, Vice President and Partner, Cognitive Process Transformation, IBM Global Business Services.
“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.”