A federal science agency of Australia cooperates with one of four biggest banks in testing the blockchain app developed with the goal to simplify the process of settling insurance for disabled residents.
On Tuesday, two popular Australian banks, CommBank and CSIRO, admitted testing the proof-of-concept that is an integral part of the blockchain project “Making Money Smart.”
The main purpose of the project is provide National Disability Insurance Scheme (NDIS) with a blockchain token with built-in smart contract codes, in order to help customers and service providers in executing insurance payments according to the conditions defined.
The main reason why such a app for trial was developed for people with disabilities is a presence of “personalized payment conditions.” Every participant of the NDIS has an individualized plan that can be characterized by various spending rules. Users of the app get a chance to look for, reserve and pay for necessary services without a necessity to stand in queue and get receipts.
According to CommBank’s representative Sophie Gilder, this network can also provide information about NDIS participants to other parties and make transactions automated that will help government to control money flows and decrease the costs spend on service providers.
The next details about Making Money Smart project will be opened in November providing an insight into the design peculiarities, advantages offered and possible limitations determined during the test to consider for the development of other apps.
Another recent achievement of CSIRO is the completion of global tests of the blockchain network created by the bank. According to data, it can process 30 thousand transactions every second even across the border.
CommBank in cooperation with the World Bank Group has made another achievement raising $81 million for a bond through its own blockchain network.