Disabled Aussie Citizens Insured on Blockchain

The Australian government is showing increased interest in blockchain technology. The government has already used blockchain for multiple initiatives. Recently few reports claimed that disabled Australian citizens can now get insured using the blockchain technology.

The Australian Federal Science Agency has collaborated with leading commercial banks to test the blockchain application. This new app aims to make it easier for disabled citizens to settle insurance payments.

The Commonwealth Scientific and Industrial Research Organization (CSIRO) recently announced the partnership with The Australian Federal Science Agency. The report said that the Commonwealth Bank of Australia (CommBank) is also a part of the partnership. These two firms are testing the proof-of-concept as part of a blockchain project. The new application is named “Making Money Smart.”

The new initiative aims to introduce a blockchain token that is coded with smart contracts. This blockchain platform will be used by the country’s National Disability Insurance Scheme (NDIS). This initiative allows participants and service providers to execute payments based on pre-defined conditions.

The report explains the reason for selecting participants and service providers in the NDIS. The reason is that the participants of the scheme need highly personalized payment conditions. The NDIS app has appropriate plans that contain several budget categories.

Sophie Gilder, head of CommBank’s blockchain innovation lab is excited about the partnership with Australia’s Federal Science Agency. She said that the Distributed Network could share details of NDIS participants across several parties. It can also easily automate the transactions.

The complete information of “Making Money Smart” will be published in November. This report will provide details about designs, benefits, and the limitations of the test with plans for other future applications.