Data61, part of the Commonwealth Scientific and Industrial Research Organization (CSIRO), has formed a consortium with IBM and law firm Herbert Smith Mills to build Australian National Blockchain (ANB).
This would mark Australia’s first cross-industry, digital platform for businesses to collaborate using blockchain-based legal contracts.
ANB will enable companies which are part of the network to use digitised contracts, exchange data and confirm the authenticity and status of legal contracts.
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In addition, the platform will also allow organisations to digitally manage the lifecycle of a contract; not just from negotiation to signing, but also continuing over the term of the agreement.
Dr Mark Staples, Senior Research Scientist at Data61, said: “Our reports identified distributed ledger technology as a significant opportunity for Australia to create productivity benefits and drive local innovation.
“Data61’s independence and world-leading expertise will help to catalyse the creation of digital infrastructure for Australian businesses to transition to a digitally-enabled future.”
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Paul Hutchison, Vice President of Cognitive Process Transformation at IBM Global Business Services, also commented: “IBM has extensive experience building blockchain networks and convening large consortia focused around solving important business problems.
“Blockchain will be to transactions what the internet was to communication – what starts as a tool for sharing information becomes transformational once adoption is widespread.
“The ANB could be that inflection point for commercial blockchain, spurring innovation and economic development throughout Australia.”
If ANB proves successful, the consortium has plans to introduce the platform in other markets beyond Australia.
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