The Australian Government plans to make the legal system more transparent and effective with the help of a national blockchain platform.
The government’s initiative, named Australian National Blockchain (ANB), involved the Australian Digital61 Research Institute of Digital Technologies from CSIRO, the law firm Herbert Smith Freehill and IBM.
Large-scale cross-sectoral blockchain will help Australian companies at all stages of business: from the stage of negotiations to the extension of agreements. To interact with each other or collect external data, ANB (SLC) smart contracts will be equipped with technologies such as Internet of Things (IoT), which will allow the system to work autonomously, extending legal contracts or agreements automatically, provided all conditions are met.
The creators believe that ANB has the potential to transform not only the branch of legal relations, but also the overall landscape of business by automating business processes and simplifying supply chains.