Australia developing national blockchain ANB - Finance Magnates
According to reporting by the Finance Magnates news service, the Australian government is set to fully embrace blockchain technology, and is currently working on a national blockchain aimed at domestic businesses.
Key quotes
"Australia is developing a national blockchain intended for the country’s businesses to use, according to an official statement from the government’s scientific research department.
The blockchain is being developed by Data61 in partnership with computing giant IBM and a British/Australian law firm called Herbert Smith Freehills. IBM will be developing the blockchain itself, which has been named the ‘Australian National Blockchain’.
Dr Mark Staples, senior research scientist at Data61, said: “For complex enterprise contracts, there are huge opportunities to benefit from our research into blockchain architecture and into computational law. Smart contracts have many applications, and as the ANB progresses we look forward to exploring other business use cases to roll out.”
According to the press release, the blockchain will be completely legal under Australian law. Natasha Blycha, Blockchain and Smart Legal Contract Lead at Herbert Smith Freehills, said: “Our clients are enthusiastic about process automation, and how it can support a move away from paper-based systems, simplify supply chains and quickly and securely share information with customers and regulators.” "
Author
Joseph Trevisani
FXStreet
Joseph Trevisani began his thirty-year career in the financial markets at Credit Suisse in New York and Singapore where he worked for 12 years as an interbank currency trader and trading desk manager.
