Australia’s federal science agency, The Commonwealth Scientific and Industrial Research Organization (CSIRO) and one of the biggest local commercial banks Commonwealth Bank of Australia (CommBank) announced a successful trial of a prototype blockchain app.
According to the press release, the CSIRO’s division Data61 and CommBank decided to end the trial as it was proved successful. In an experiment, companies confirmed that blockchain-based “programmable money” app could improve the management of insurance payouts and budgeting.
"Our use of blockchain added new kinds of programmable behaviours to the smart money in the prototype system. This automation and flexibility could reduce friction and enable greater innovation in many payment environments and unlock network-effect benefits” said Dr Mark Staples, Senior Principal Researcher in the Software and Computational Systems program at CSIRO's Data61.
As it was stated, the app is based on a blockchain token coded with smart contracts allowing participants and service providers to execute payments based on pre-defined conditions, such as who can spend which funds by what deadline.
CSIRO and CommBank expect that in case of implementation of the prototype at a full scale across Australia, hundreds of millions of dollars can be saved annually, estimating that users of the app could potentially save 1–15 hours per week and 0.3–0.8 percent of annual revenue.
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