Australia is developing a national blockchain for the needs of the business

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Australia is developing a national blockchain for the needs of the business

Yes, with capital letters — the national scenes of Australia. This initiative born in the UK, could be Royal, but that sounds pretty impressive.
The initiative proposed by the State Association scientific and applied research Australia, or CSIRO — a very respectable organization, founded in the beginning of the last century.

Over its long history, CSIRO has researched a lot of different issues and participated in the development of many inventions, from Wi-Fi technology to the production of banknotes using polymer materials. And in 2017, the Association was created as a separate structure Data61, which task was the study of digital technologies.
The blockchain is the platform upon which planned to create a national bacchan Data61 developed in partnership with IBM. The works also had a hand law company Herbert Smith Freehills.

It is assumed that the blockchain platform will give businesses the ability to more quickly and safely make transactions and to carry out transactions using smart contracts.

“If we speak of complex industrial contracts, using the architecture of the blockchain will bring them huge benefits, believes mark Staples, one of the leaders of the research directions Data61. — Smart contracts can be applied anywhere, and we are planning to expand their scope with the development of National blockchain”.

National Australia blockchain will use the achievements of IBM, have a fairly long, although not always successful, experience introducing new technologies in the country and cooperation with government organizations.

Smart contracts using the blockchain will be in line with Australian legislation in this area meets the third participant of the project, the law firm Herbert Smith Freehills.

“The role of the blockchain in a transaction will be roughly the same as the role of the Internet in communication — says Paul Hutchison from IBM Global Business Services. — The method of exchange of information has penetrated everywhere and is unrecognizable as distribution. Perhaps national the blockchain will become the turning point for the spread of innovation and economic development in Australia”.

Recall that in July, IBM signed a five-year contract with the Australian government in the amount of 1 billion Australian dollars ($740 million). The American Corporation will provide technical support services to government organizations using the blockchain technology.

However, the historical background of the cooperation between the two sides would be incomplete without mention of the fact that a previous attempt of cooperation in this field is IBM and the Australian government failed. In 2016, the Corporation pleaded guilty and agreed to pay 30 million Australian dollars compensation for the failure of the first country in history to attempt the online census. The authorities then blamed on IBM, and the latter did not deny.

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