Australia is looking at the implementation of blockchain in insurance for a faster payment and more control for applicants.
Australia is looking for more implementation of blockchain in real-life cases. After the implementation of pay-bill-with-crypto platform and blockchain for digital driver’s license by the local government, the Commonwealth Bank of Australia (CBA) is now working with the Commonwealth Scientific and Industrial Research Organization (CSIRO) to build a blockchain-backed application for insurance.
According to Coinwire, the plan is now at the trial phase by the Australia’s National Disability Insurance Scheme (NDIS), where participants can use the mobile app to find, book and pay for services from NDIS without having to go through the long process as how it’s usually done.
Participants will be able to create “smart money” or “programmable money” that is executable via code contracts to ensure the proper and correct distribution of it, which will cut the need of unnecessary paperwork.
Moreover, with the concept of “Making Money Smart”, participants can expect for more control over their insurance plans easily via a mobile application.