Australia ranks 11th on the global cryptoeconomic scene with a daily trading volume of 305 Bitcoin. The authorities are consistently building a strategy for working with the digital economy, creating a legislative framework and conditions for the development of blockchain technologies. Thanks to such loyalty and foresight of regulators, the implementation of a new “smart money” project became possible.
The trial, called "Creating Smart Money", aims to improve the experience of participants and service providers in the NDIS by creating "smart money", also called programmable money. This name was chosen for a reason. The token payment system being tested, through a specially developed application for the project, is directly linked to the personalized plans of participants of the NDIS insurance program. Their individual budgets have different rules for spending funds and the "smart" token knows what it can be spent on. by whom it can be spent and when it can be spent. The prototype app is fully compatible with the country's payment system and helps participants manage their budgets, avoiding unnecessary bureaucracy and paperwork when paying for services from NDIS providers.
Programmable money offers the opportunity to reduce the cost of transactions and allows companies to create new ways to provide and pay for goods and services.
Following the test, the CBA and CSIRO plan to publish a detailed report in November. It will look at the benefits and limitations of the system. blockchain-based for use in the NDIS, including user feedback and recommendations for future applications.
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