Federal research Bureau of Australia “The Commonwealth Scientific and Industrial Research Organization” (CSIRO), the biggest private Bank at Commonwealth Bank of Australia (CommBank) has announced today the completion of the test, payment in the blockchain application. The program carries out an automated payment on the basis of the conditions specified in the smart contract. Test results CSIRO has shared in a press release published on the website of the Bureau.
Smart contracts that the app uses CSIRO and CommBank contain conditions for the issuance of payments, as well as the recipient, the timing, exact amount, and the address of a particular wallet you want to withdraw funds. As planned by CSIRO and CommBank, the application should streamline the procedure of receiving insurance payments and reduce associated costs. In the test platform, which is part of the project Making Money Smart, involved 10 companies providing insurance services in the event of disability and a range of social services for the disabled.
On average, the app allows to reduce the required processing payments, the time is 1-15 hours worked per week, and reduce the costs of 0,3%-0,8% annual return. CSIRO and CommBank are sure that when you use their development on a national scale the costs of the insurance system as a whole will decline “in the hundreds of millions of dollars annually.”
Julie hunter (Julie Hunter), the head of Department on work with government agencies and authorized depositories for CommBank, said:
“We are pleased that can provide the insurance company working with disability greater choice and control over their support services, in addition to budget optimization and digitization of the document flow”.
One of the leading members of CSIRO, mark Staples (Mark Staples), appreciated the potential of the blockchain. According to Staples, the technology will allow researchers to significantly improve “a payment system” and facilitate cost-effective exploitation of networks. He added:
“This means, for example, the establishment of direct channels of citizens’ access to social security programmes, giving people opportunities to optimize the budget using services such as smart savings plans or smart diet and reduce costs for business, including through money transfer systems in automatic taxation”.
A similar platform in September introduced the Swiss company Etherisc. This solution was specifically designed for insurance payments to victims of natural disasters.