Progressive payment system and insurance sector are likely to witness a huge transformation in the upcoming years, all because of revolutionary blockchain technology. The Commonwealth Bank of Australia (CBA) and the Commonwealth Scientific and Industrial Research Organization (CSIRO) have combined together to created a unique application. This app will check the feasibility of blockchain in increasing efficacy of payments related to insurance.
The official announcement revealed that the trial of this app will be conducted on Australia’s National Disability Insurance Scheme (NDIS). The trail or test has been named as “Making Money Smart” which will give an overall assessment of this blockchain powered app and its capability to serve.
As per the official statement, it is stated that Australia’s NDIS is chosen for the reason that it deals with highly specific payment conditions which are listed in the insurance documents. In addition to this, it also deals with complex individual plans that can enclose multiple budget categories. The main objective behind the entire project is to provide more control to the user to opt an insurance plan from their smartphone application and overall improvement of the progressive payment system, according to CSIRO.
The user can access the app with their smartphone where they can search, find, book and play through NDIS service providers sans paperwork or receipts. Everything works within the network and the entries and data remain immutable in the system which enhances the privacy and security of personal information. (Via ETH News)
Australia And Blockchain Technology
As of late Australia has been rapidly adopting blockchain technology in the progressive payment system and technical domain. The Commonwealth Bank of Australia (CBA) has associated with World Bank earlier this year to develop world’s first public bond which will be managed entirely with new technology blockchain. In another update, Australian officials launched a program of Australian National Blockchain which aims to improve sharing of legal documents among different firms.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]