Blockchain in Insurance For Disabled Citizens-Australia wants to make it easier for its disabled citizens to process insurance claims and has therefore appointed its Federal Science Agency to work with the “Big Four” commercial banks of the country to test a decentralized platform “Blockchain” application to settle insurance payments.
CommBank and CISRO
Two giant banks: “The Commonwealth Bank Of Australia” (CommBank) and “Commonwealth Scientific and Industrial Research Organization” (CSIRO) have both been working on the project “Making Money Smart” which is completely Smart Contract based.
The main objective is to facilitate the country’s National Disability Insurance Scheme (NDIS) with token coded Blockchain and Smart Contracts. This will assist both the participants and service providers to control payment processes more efficiently. The payment process is already based on predefined conditions. With the implementation of the new technology, the limits and deadline for spending funds will become more apparent.
“The main reason for including participants and service providers in the NDIS in running the trial platform is to provide highly “personalized payments conditions” to them”, CSIRO stated.
The prototype app enables participants to manage and plan by allowing them to find. Furthermore to book and pay for services from NDIS service providers. This happens without any paperwork or receipt. These are the individualized plan for the participants which contains multiple budget plans.
“Making Money Smart”
Blockchain in Insurance For Disabled Citizens-“The information of NDIS participants can be shared all across the different parties by a decentralized and distributed network, and it can automate the transactions. The government can have higher visibility over the flow of money. Similarly, helps service providers to reduce the costs” stated the head of CommBank’s Blockchain innovation lab, Sophie Gilder.
Furthermore, reports of the “Making Money Smart” project will be released in November. The report details the design, benefits and limitations of the test, which will help for the development of future applications.
The joint collaboration of these big companies on Blockchain is an exceptional effort. Previously the Blockchain platform test was done by CSIRO which has the capacity to process cross border transactions of nearly 30,000 per second. CSIRO also completed the Global test on a distributed ecosystem.
CommBank developed a Blockchain network of its own. Therefore, CommBank worked jointly with the World Bank Group to raise $81 million. The bond is issued in a Smart Contract through CommBank’s Blockchain network.
With this Blockchain implementation in insurance payment settlements, Australia is helping over 4.3 million (18.3% of country’s population) of its disabled citizens.