What if we had programmable money that can decide who, when and where it can be used? Well, a project in Australia sets out to do exactly that thanks to blockchain technology. The undertaking is being led by the Commonwealth Scientific and Industrial Research Organisation’s (CSIRO) Data61 and is meant to be used in the National Disability Insurance Scheme and similar federal government programmes.
The system involves “highly personalized payment conditions” with the NDIS being used as a proof-of-concept.
According to Data61, the system which works through an app will allow them to pay service providers without the need for paperwork. Recipients and their carers will receive multiple funding amounts for different uses under NDIS for instance.
The Making Money Smart trial is being undertaken in partnership with the Commonwealth Bank (CBA).
“Programmable money represents an opportunity to re-envisage how we think about money and how payments function across the economy,” Sophie Gilder, Head of Experimentation and Blockchain Innovation Lab of CBA said in a statement.
“The potential of this technology for the NDIS is exciting, ranging from greater empowerment for participants, reduced administration costs for businesses and greater visibility for Government,” she added.
The model presents an opportunity to develop new business models and new ways of paying for products and services.