Herbert Smith Freehills Law Firm collaborated with CSIRO and IBM to launch a blockchain project for Australian companies. ◆The project will start as a pilot concept of the IBM blockchain, and it is planned to start before the end of this year. ◆It follows two reports from the CSIRO Data Innovation Center, which supports the benefits of blockchain for legal contracts and business processes. Australia's major scientific, technical and legal participants have jointly launched a blockchain platform for legal contracts. The Australian National Blockchain (ANB) is a joint initiative of CSIRO Innovation Center Data61, IBM and Herbert Smith Freehills Law Firm. The alliance stated that ANB will allow safer and more efficient processes to manage business processes and sign legal contracts. According to Herbert Smith Freehills Law Firm, “ANB will enable organizations to digitally manage the life cycle of contracts, not only from negotiation to signing, but also to continue within the term of the agreement, and achieve transparency and transparency between all parties to the network. Permission-based access." "The service will provide organizations of all sizes with the ability to use blockchain-based smart contracts to trigger business processes and events." Blockchain is a decentralized ledger that enables multiple parties to have a common view on an agreement or contract without compromising security or efficiency. The alliance stated that the project will first use the IBM blockchain as a pilot concept for testing. These three partners have already cooperated with another law firm to bring ANB to the market. In due course, regulators, banks and other companies will also be invited to participate in the pilot project, which is expected to begin before the end of the year. CSIRO's Data61 provides the following examples of how blockchain can accelerate business processes: The construction site sensor can record the time and date of delivery of the goods on the blockchain, and trigger a smart contract between the construction company and the bank, which will automatically notify the bank that the payment conditions have been met when the goods are delivered. Natasha Blycha, Head of Blockchain and Smart Legal Contracts at Herbert Smith Freehills, said: "This provides a huge opportunity for smart and forward-thinking companies and has the potential to bring huge benefits to our customers and the entire business world." "Our customers are passionate about process automation and support how to move away from paper systems, simplify the supply chain, and share information quickly and securely with customers and regulators." Earlier this month, the Commonwealth Bank used the Ethereum blockchain to raise US$110 million in bonds for the World Bank’s Economic Development Fund. This move announced another blockchain project today. Last year, Data61 submitted two reports to the federal government on how the government and the private sector are adopting blockchain. Mark Staples, a senior research scientist at Data61, said: "Our report believes that distributed ledger technology is an important opportunity for Australia to create productivity benefits and promote local innovation. "For complex corporate contracts, we have many opportunities to benefit from research on blockchain architecture and calculation methods." "Smart contracts have many applications. With the development of ANB, we look forward to exploring other business use cases."
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