Blockchain To Create ‘Smart Money’ For Disability Insurance
Data61, a division of the Commonwealth Scientific and Industrial Research Organisation (CSIRO), together with Commonwealth Bank, one of the four largest Australian banks, developed an app to test the ability of blockchain technology to create ‘smart money’.
The app will be tested in the National Disability Insurance Scheme (NDIS). The pilot version, called Making Money Smart, is designed to enhance the user experience for NDIS members by means of ‘smart money’, also referred to as programmable funds.
Another advantage of the test app is that its tokens can be integrated into New Payments Platform, the Australian global payment system. Operations will be conducted through the app installed on the smartphone.
NDIS was chosen as a pilot platform because it uses personalized payment criteria. In the system, participants have individualized plans that can contain a wide spectrum of items of expenditure. Each budget item implies different rules for managing funds.
The test app allows users to manage their insurance plans: find, book, and pay for NDIS services without bureaucratic complications.
Experts evaluate the app positively and believe that it will improve the overall service system and make it easier for society to understand blockchain technology.
As previously reported, the team of the Australian startup TravelbyBit developed a payment system for tourists who fly with several stops and need a single currency.