CSIRO new project made with IBM

This article was published on: 08/29/18 6:11 PM

Marcin IwańskiWritten by | blockchain, news, regulations

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According to the official CSIRO statement, they want to launch a unique blockchain platform for Australian businesses.

The project will start as a pilot concept at IBM blockchain and is expected to begin before the end of 2018. This is due to two reports from the Commonwealth Scientific and Industrial Research Organisation (CSIRO).

Data61 which is CSIRO research team is working with a law firm Herbert Smith Freehills and IBM to conduct a pilot for a new platform called the Australian National Blockchain (ANB).

The Australian National Blockchain (ANB)  will provide a significant infrastructure in Australia’s digital economy, enabling companies across the country to connect to the network to benefit from digital contracts, exchange data and validate the authenticity and Australian legal agreements.

The project will set up smart contracts that can record external data source and can self-execute once specified conditions are met.

“Once completed, the ANB will enable organizations to digitally manage the lifecycle of a contract, not just from negotiation to signing, but also continuing over the term of the agreement, with transparency and permission-based access among parties in the network.”

For now, Data61 and IBM will test the concept in a pilot project. They will use current IBM Blockchain, and they are already working with another Australian law company to bring project to the market.

“Going forward, regulators, banks, law firms and other Australian businesses will be invited to participate in the pilot which is expected to start before the end of the year.”

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Image via Shutterstock.

 

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Last modified: August 29, 2018

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