Australia is testing the cryptocurrency for the disabled
Formally, of course, no one calls it a cryptocurrency — it’s about smart money, “a programmable digital tokens on the blockchain”. However, the complexity of the language was most likely due to participation in the project of state agencies.
The project is implemented State Association scientific and applied research Australia (CSIRO) — honored and venerable organization, founded in the early last century, together with the Australian Commonwealth Bank.
The project participants intend to explore the potential of “smart money” for a specific example of a functioning National system of disability insurance (NDIS). This program was selected as the pilot project because of its personification — disabled people of different ages, living in different places and covered by this programme require different services.
It is expected that participants will be able to pay for services in the framework of the NDIS tokens through specially designed for the project application that is integrated with the existing Australian payment system. It is planned that through this application the participants will be able to find, book and pay for their required services from program providers NDIS without unnecessary bureaucracy and checks.
In fact, the program is already being tested — the results will be used in order to determine what other industry will expand the use of “smart money”.
Programmable money is a great opportunity to review the approaches and views on the functioning of the payments system in modern economies, says Sophie Gilder, the head of the blockchain division of the Australian Commonwealth Bank. “The potential of this technology for NDIS huge — users get more efficient and convenient model of payment for services, business cost reduction, the government — more transparency,” she added.
Recall that CSIRO initiated the development of National blockchain Australia.
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.