CSIRO’s Data61 and Commonwealth Bank have banded together to provide a proof-of-concept of their ‘Smart Money’ app.
‘Making Money Smart’ is Data61 and Commonwealth Bank’s trial of their smart money software that utilises the blockchain to transfer money. Ultimately, the aim is to use smart money as part of the National Disability Insurance Scheme (NDIS). The programmable money is used only for certain things, which are pre-designated.
Making Money Smart aims to bring blockchain technology into the disability sector. As a result, people with disability and their carers maintain control and autonomy.
Blockchain is a digital ledger that offers permanency and transparency because information can’t be changed or deleted. Additionally, it’s decentralised, which means it can be accessed from anywhere. The most prominent example of blockchain in the public sphere is with the rise of cryptocurrencies like Bitcoin.
The NDIS collaboration is only the beginning of smart money in disability. Additionally, Commonwealth are currently running twenty experiments using blockchain technology. In early 2018, Commonwealth succeeded in the tracking of seventeen tonnes of almonds were from Victoria, Australia to Hamburg Germany with blockchain.
Smart Money in Government
NDIS participants and their carers are currently testing the software. Evidently, the app is still a prototype; however, it allows participants to book and pay for services from NDIS service providers without the paperwork. The app is bringing blockchain into the Australian government, with potential for more in the future.
However, international governments are already beginning the foray into blockchain, with the Canadian government trialling a software that brings visibility into government contracts. If the Australia government does not get ahead in the sector, it could be left behind.
The programmable money functions on a token system on the blockchain that works with Australia’s New Payments Platform. Commonwealth and Data61 chose NDIS because the system uses personalised payment conditions.
“Participants have individualised plans that can contain multiple budget categories,” the Commonwealth report reads. “Each with different spending rules.” So, introducing blockchain makes the system quicker, easier and more efficient.
Fundamentally, the goal of the application is for the applicant to receive the money with specific conditions, which is spent only on selected things.
Less Stress for Carers
While the software’s purpose is to reduce fraud, it also serves to reduce the stress of dealing with different money and budgets by NDIS participants and their carers. The process would be easy, quick and efficient. Essentially, the blockchain software does everything for you. That way, NDIS participants don’t have to worry about budgeting and spending, as it’s done for them.
Blockchain has risen to light recently in a variety of sectors, including mining, voting and energy. To find out more about how blockchain can help you, click here.