The Australian government, through a major parastatal, is collaborating with technology giant, IBM in developing a National Blockchain project that will allow major firms in the country to use digitized contracts, exchange data, and confirm the authenticity of legal contracts.
Australian government’s agency, the Commonwealth Scientific and Industrial Research (CSIRO), said recently that one of its major branch, Data61 has partnered with a law firm, Herbert Smith Freehills, and technology giant IBM to build a blockchain based smart contracts network.
The Australia National Blockchain (ANB) according to Data61 will allow firms to manage the lifecycle of a contract, from negotiations through the signing and continuing over the term of the agreement.
The collaboration is aimed at allowing firms in Australia to automate transactions that are based on the defined legal terms which will not in any way go against the laws in the country. The service built on the IBM blockchain will provide most organisations with the ability to use blockchain – based smart contracts to trigger businesses processes and events.
Data61 explained that ANB would provide smart legal contracts that contain smart clauses with the ability to record external data sources such as the Internet of things (IOT) device data, enabling these clauses to self-execute if specified contracts conditions are met.
Natasha Blycha, the blockchain and smart legal contract lead at Herbert Smith Freehills explained that
“Technologies like blockchain are set to transform the legal industry and the wider business landscape as we know it.” She explains further that “this presents a huge opportunity for agile and forward-thinking firms, and has the potential to deliver significant benefit benefits to our clients and the business community as a whole. Our clients are enthusiastic about process automation, and how it can support a move away from paper-based systems, and simplify supply chains, and quickly and securely share information with customers and regulators.”
The major players in the project explained that the pilot project would kickstart later this year, and urge major actors in the banking industries, law firms and the business community to join in the pilot.
The success of the pilot will trigger the consortium to launch the technology beyond Australia and introduce it to a larger audience.
Blockchain technology since its introduction has turned out to be a major game changer, as it has revolutionaries business transactions, data storage with more firms and countries adopting the new technology, majorly because of its effectiveness and transparency.