CSIRO’s Data61 has partnered with law firm Herbert Smith Freehills to shape a new IBM blockchain based smart legal contracts network. Data61 said that companies will be allowed to digitally handle the lifecycle of a smart contract from negotiation through signing and continuing over the term of the agreement which will be enabled by the Australian National Blockchain (ANB).
Blockchain can redraft the economy and modify the balance of power across various industries. It has specific uses for the companies. The service built on the IBM Blockchain will deliver organizations with the capability to use blockchain-based smart contracts to activate business procedures and occasions, and businesses on the network that will be able to use digitized contracts, exchange data and authorize the genuineness and status of legal contracts.
Data61 further explained ANB will offer smart legal contracts that comprise smart clauses with the capacity to record external data sources such as the Internet of Things (IoT) device data, allowing these clauses to self-execute if identified contract conditions are met.
Data61, IBM, and Herbert Smith Freehills will first test the concept as a pilot project. The group is already working with another Australian law firm to bring the ANB to market. They are planning on inviting, banks, regulators law firms, and different Australian businesses in order to contribute in the pilot till the end of 2018. Once the Australian pilot will become successful, the group will intent to roll out the technology to other markets in Australia.
As per ZDnet, IBM Cloud and IBM Blockchain offer the uppermost level of security to support highly regulated industries such as healthcare and government. IBM has a wide-ranging experience in building blockchain networks and assembling a huge group focused around to resolve essential business problems.
According to the IBM Global Business Services, Vice-president, and partner for Cognitive Process Transformation, Paul Hutchison, the ANB could be a variety for commercial blockchain, encouraging innovation and economic development throughout Australia.
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