Australia creates the “national Ledger” for legal smart contracts

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Australia creates the “national Ledger” for legal smart contracts

On the continent earn “Australian national blockchain” (ANB) is a platform designed to help local companies to share data and confirm the authenticity and status of legal agreements via smart contracts.

According to a press release, the platform will create a consortium Data61 from CSIRO, law firm Herbert Smith Freehills and IBM. The goal is to create Australia’s first large-scale intersectoral digital platform, which will be available to all companies in the country.

ANB will help the merchants to manage the lifecycle of contracts using digital technologies in an open, clear and transparent manner. We are talking about helping companies in the process of negotiations and signing of agreements, and the renewal of contracts upon expiration.

Moreover, the platform will allow organizations to use smart contracts to run specific events or processes.

Legal smart contracts can use the smart components related data received from devices of the Internet of things (IoT). Example is the use of sensors at the construction site. These sensors are able to record in the blockchain with the time and date of delivery. Once information is recorded, it can initiate a smart— contract between the construction company and the Bank. The Bank will receive notification that certain conditions are met, and will automatically carry out the transaction.

Finally, smart contracts can be used in combination with artificial intelligence and advanced Analytics to ensure compliance with Australian laws.

Natasha of Blich, head of legal blockchain and smart contracts at Herbert Smith Freehills, says:

Technologies such as the blockchain, seek to transform the legal sector, and change the global business landscape. They give companies a flexible with a forward thinking opportunities and are able to bring considerable value to our clients and the business community as a whole.

First, the consortium will test a platform ANB as a pilot project based on blockchain IBM. At a certain stage of its development, until the end of 2018, regulators, law firms, Australian banks and merchants will be invited to participate in the trials.

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