Coming together in an association, CSIRO’s Data61, IBM, and law firm Herbert Smith Freehills are planning to build Australia’s first cross-industry blockchain-based smart contracts platform for enterprises, according to, Commonwealth Scientific and Industrial Research Organisation (CSIRO) press release from August 29.
Termed as The Australian National Blockchain (ANB), it aims to pool the legal, scientific and technological expertise of the three partners to create a nationwide, legally-compatible blockchain infrastructure for the digital economy. Mentioning this press release says, “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.”
The platform’s smart legal contracts (SLC) will be designed to integrate “smart clauses” to help in interacting with external data sources like the Internet of Things (IoT), and will able to trigger pre-determined business processes and events as soon as given contract condition by self-execution, mentioned the report.
Initially, the concept will reportedly be tested using the IBM’s blockchain solution as a pilot, the consortium says it’s planning to invite banks, law firms, local regulators, and business to participate in the pilot, which is expected to start before the end of the year.
Apart from ANB, Australia is integrating blockchain across both the financial sector and the government sectors. IBM signed a five-year AU$1 billion with the Australian government to use blockchain and innovative new technologies to strengthen data security and automation across federal departments, this July.
The World Bank in partnership with the Commonwealth Bank of Australia (CBA), earlier this month, successfully issued a public bond exclusively integrating blockchain technology.