Australia to Build Blockchain-based Smart Legal Contracts with IBM

An independent Australian federal government agency CSIRO’s (Commonwealth Scientific and Industrial Research Organisation) research arm Data61, has formed a consortium with law firm Herbert Smith Freehills and tech giant IBM to build Australia’s first cross-industry, large-scale, digital platform to enable Australian businesses to collaborate using blockchain-based smart legal contracts. The consortium partners will first test the concept as a pilot project, using IBM Blockchain.

Known as the Australian National Blockchain (ANB), the new platform will enable companies in the country to join the network to use digitized contracts, exchange data and confirm the authenticity and status of legal contracts. Once completed, the ANB will enable organizations to digitally manage the lifecycle of a contract, not just from negotiation to signing, but also continuing over the term of the agreement, with transparency and permissioned-based access among parties in the network.

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