In Australia tested the "smart money" on the blockchain

[Paha87]

The Federal research Agency of Australia and one of the largest commercial banks in the country report that they have successfully completed tests of the blockchain prototype, which aims to make money "smart".

Unit data for scientific research and industrial research of the Commonwealth (CSIRO) and the Australian Data61 the Commonwealth Bank (CommBank) has announced the completion of testing of its blockchain platform, stating that the application is "programmable money" could improve the management of insurance payments and budget.

As part of the blockchain project, called "Making Money Smart" (making money smart), which involved 10 members of the country's national accident insurance system (NDIS), administrative costs were reduced and paperwork was abolished in some processes.

The application is based on tokens and blockchain encoded with smart contracts, which allows participants and service providers to make payments based on pre-defined conditions, for example, who can spend funds in a certain period of time.

Julia hunter, head of government, CommBank and ADI:

We are excited about the potential to enable NDIS members to better select and monitor their support services, optimizing budget management and eliminating the need for paperwork.

CSIRO and CommBank believe that if the prototype were to work in full across Australia, it could save "hundreds of millions of dollars a year," and app users could save 1-15 hours a week and 0.3-0.8 percent of their costs.

Mark staples, senior researcher Data61 Software and Computational Systems, said that the use of the blockchain can help them to implement "a variety of terms of payment and take advantage of network effects," adding:

Using the blockchain application may include more directly connecting citizens to public policy programs that allow people to optimize their costs through such things as smart savings plans and smart diet, and also lead to reduced costs to business, including due to the possibility of committing self-managed transactions.

It is also worth noting that CSIRO and CommBank first announced plans to test the application in early October and now, after successful completion of testing of the created solution, its practical introduction will be discussed.

Link to the source of information (Russian) - https://altstake.io/news/v-avstralii-protestirovali-umnye-denygi-na-blokcheyne