Future technology blockchain is prevailing in the finance sector very well and there has been an enormous effort to deploy the same in the insurance and banking sector. It seems that finally the goal has been achieved by CSIRO’s Data61 and the Commonwealth Bank in Australia. The eminent agencies have been able to use the emerging technology to manage budgeting and insurance payouts along with supervision of charities and trusts. A successful trial has been already demonstrated which is in fact dubbed as smart money.
The initial trial has been conducted with 10 participants at the National Disability Insurance Scheme (NDIS). It was done with the help of a prototype app which demonstrates how smart money can facilitate the user to select and control their disability support services. This is all done with considering factors like reduction in administrative service cost, minimal risk of fraud, unintended misspending and zero paperwork.
Managing insurance payout is a complete task of paperwork including terms and conditions. This method is likely to make the entire process easy-to-go and hassle-free. The result for the debut trail has been officially unveiled in a report titled as Making Money Smart. This functionality report not just examines the outcome but also establishes the tested benefits and limitations that can probably arise in the future technology blockchain system as mentioned by ManufacturersMonthly.
Commonwealth Bank’s head of Government Julie Hunter stated that there is a huge excitement about the performance of the trail system as it offers wider choices and monitoring to the NDIS participants. She further added that this system has helped in achieving streamlined budget management sans formality of paperwork. (Via ZDNet)
Benefits Of Making Money Smart
This system offers less intrusion of third parties and makes a direct connection between the participant and the insurer. There is a reduced risk of any fraudulent activity since everything is visible to the participant in the network. The future technology is yet to be executed in the existing platforms of the agencies.[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. ]