A new type of smart money, powered by blockchain, has been successfully trialled by CSIRO's Data61 and the Commonwealth Bank (CBA).

A report cover with a coin symbol and a person with crutches

CSIRO's Data61 and Commonwealth Bank collaborated on a research project to explore the potential for blockchain technology to create 'smart money'.

Data61 and CBA developed a prototype app as part of a trial to explore the potential for blockchain technology to create 'smart money', through using the case study of the National Disability Insurance Scheme (NDIS).

The trial has demonstrated that smart money, also known as programmable money, could be used to help manage insurance payouts, budgeting and the management of trusts and charities in Australia.

By attaching conditions, the 'smart money' knows what it can be spent on, who it can be spent by and when it can be spent.

The 'Making Money Smart' report examines the design benefits and limitations of the blockchain-based 'smart money' system for the NDIS and identifies other use cases for the technology such as enabling insurance payouts, budgeting and the management of trusts and charities.

Making Money Smart - Empowering NDIS participants with Blockchain technologies

CBA: Empowering NDIS participants with blockchain technology

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