Australia Trials Blockchain Application for Boosting Efficiency of Insurance Payments

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The Commonwealth Bank of Australia (CBA) has collaborated with the Commonwealth Scientific and Industrial Research Organization (CSIRO) to develop a blockchain-based application that could potentially boost the efficiency of insurance payments.

Dubbed “Making Money Smart,” the proof-of-concept trial aims to provide participants more control over their insurance plans through a smartphone application that would allow them to “find, book and pay for services from NDIS service providers without the need for paperwork or receipts.”

As per CSIRO’s official announcement published October 9, the trial is being conducted through Australia’s National Disability Insurance Scheme (NDIS), which was chosen due to its insurance documents’ highly specific payment conditions, as well as its individual plans that provide a number of budget categories.

As further explained, the trial would allow participants to create “smart money” or, as CSIRO calls it, “programmable money.” In an effort to minimize confusion over disability insurance payments, the application will be using executable code contracts such as EDCCs or smart contracts to distribute money at specific times to specific people.

A progress report on the trial’s findings will be released later in November.

As it stands, Australia has lately been active in the blockchain sphere, given its involvement in a number of blockchain-based projects in recent months. In August, the CBA has also inked a partnership with the World Bank to settle what is now touted as the world’s first public bond managed and created using blockchain technology.

Prior to CBA’s latest announcement, Australian officials have also recently disclosed the development of the Australian National Blockchain platform, in an effort to minimize the hassle of transferring legal documents between firms.