Australia Wants to Explore Blockchain Technology with “Smart Money” App

The use of blockchain technology has become a trend for various digital solutions. Recently, Australia has started undergoing an innovative process to make out the hidden potential in this modern technology. Its primary target is to develop “Smart Money,” and this money will be applied to the National Disability Insurance Scheme.

Commonwealth Bank and CSIRO’s Data61 have made a joint effort for the creation of an app to get success in their trial process. CSIRO has stated that they are using NDIS case study for accomplishing the method. They have named their trial, “Making Money Smart.”

One of the significant intentions behind this trial is to increase the experience level of the NDIS service providers and participants. The programmable Smart Money will help them to reach their target. Data61 of CSIRO has stated that this Smart Money is a type of currency. The unique feature is that this currency has the capability of identifying three things: the person spending the money, the reason behind investment and time for spending it. For payments, the users have to use the digital token, created with blockchain technology.

Data61 has also informed that due to the presence of highly customized payment terms, CSIRO has chosen the case study of NDIS. Its proof of concept is beneficial to get the response and tips from the associated government. At present, the researchers are doing user tests by dealing with the participants.

Sophie Gilder, one of the active members of CBA, has said that Smart Money will give a chance to re-think the concept of money and payment process in the economy. The participants of the trial have different ideas, which comprise various categories of budget and different rules for investment. The app model will assist the participants in managing these ideas by helping them to make payment for services or to book NDIS services. Any type of paperwork is not essential for the process.

One of the senior researchers of CSIRO, Dr. Mark Staples has stated that this app is also designed for reducing the load of everyday administrative tasks. Lots of payments will become easily manageable. Dr. Staples has also said that the new technology will be applicable in various other fields, in addition to the welfare systems. The latest currency would also help lots of companies to deliver their service innovatively. Thus, the innovation may be advantageous to us in lots of ways.