Blockchain in Payments – Australian Developments
Have you heard the good news about blockchain yet?
As mentioned by one of the most respected commentators and consultants, Dave Birch, “Blockchain is not a technology, it’s a religion’. Has it been a fix-all magic notion for all the problems of the world? Almost every bank, card company and even more progressive central banks have each embarked on a blockchain project of some sort.
In contrast, a recently published Forbes article “Can Blockchain Really Bust Through Its Barriers in The Payment Space?” pointed out that transactions can take minutes and even hours to confirm. So can this ‘religion’ or technology really deliver?
Meanwhile in Australia, a new trial on blockchain-powered ‘smart money’ was announced this week. CSIRO’s Data61 and Commonwealth Bank (CBA) have jointly developed an app as part of a trial to explore the potential for blockchain technology to create ’smart money’, and through using the case study of the National Disability Insurance Scheme (NDIS). This ‘smart money’ is positioning itself as a currency with pre-specified conditions on spending by users. This new ‘programmable money’ could very well represent a new payment ecosystem and will be an interesting space to watch!
Join Dave Birch and Sophie Gilder at during this track session at APS 2018 to hear global insights and also the latest updates from the Australian market.
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