Australia is one of the countries where blockchain technology is slowly adopted at a level where it can create a positive value for people. Australia is planning to become one of the leading e-governments by 2025 and the new application focused on establishing “smart money” for NDIS (National Disability Insurance Scheme) is one more step for approaching this goal.
The announcement came today from the Commonwealth Scientific and Industrial Research Organisation regarding the trial development.
“Making Money Smart’ is the code name for the initiative which is planned to improve the overall experience of participants and service providers in the NDIS by building programmable money. What is smart and programmable about it is that its conditions and parameters can be personalized, specifying who can spend it on what.
Users can access it through an app which is connected to Australia’s New Payments Platform.
NDIS is not a random choice for testing the proof of concept. Participants of NDIS have complicated, personalized conditions for payments, plans, and economic classifications, with a separate set of rules.
The platform allows users to organize a plan for their needs by giving them an easy solution to search, reserve, and pay for the services from NDIS providers without dealing with paperwork or receipts.
Head of Experimentation and Blockchain, Innovation Lab, CBA, Sophie Gilder says:
“Programmable money represents an opportunity to re-envisage how we think about money and how payments function across the economy...It’s been rewarding to collaborate with Data61 on a project that could have such a large, positive impact for the community”.
CBA brings Blockchain Centre of Excellence to the table while Data61 contributes with their deep research expertise in blockchain technology.
Developers are looking forward to expanding the area of applications of programmable money since it creates new business models while innovation takes the spotlight.
The “smart money” concept’s reference group includes an exhaustive list of agencies, governmental departments and institutions from all spheres: health, finance, digital, social and commercial experts. Making Money Smart report will be ready in November, which will explore the applicability and feasibility of the project.
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