Australia readies publicly-available blockchain institute
Combine IBM, legal firm Herbert Smith Freehills and Australia’s main scientific body – CSIRO – and you now get the Australian National Blockchain (ANB).
The news which will likely see much increased business support for any entity ‘down under’ attempting to digitise legal contracts.
Oz blockchain support climbs
ANB will be the first large-scale, publicly-available blockchain solution available to businesses across Australia, specifically designed for Australian legal compliance, claims CSIRO.
“This presents,” said blockchain lead Natasha Blycha from Herbert Smith Freehills, “a huge opportunity for agile and forward-thinking firms and has potential to deliver significant benefits to our clients and the business community as a whole.”
Consortium partners include Herbert Smith Freehills, Data61 – part of CSIRO – and IBM which will jointly test the concept as a pilot project, deploying IBM blockchain as the tech backbone.
Pilot to start by December
The consortium is working with another Australian law firm player to bring the ANB to market more widely. Regulators, banks, law firms and other Australian businesses will be invited to participate in the pilot which is expected to start before the end of the year.
Last year Data61 issued two reports for the Australian Treasury on how blockchain technology could be adopted for government as well as industry in Australia.
The consortium says that if the Australian pilot is successful, the tech will be rolled out to other markets beyond Australia.