Tech giant IBM (NYSE:IBM), London-based law firm Herbert Smith Freehills, and the Australian government’s scientific research department have agreed to pilot a national smart-contract platform based on IBM’s blockchain, the three parties announced on their web sites on Wednesday.
The Australian National Blockchain (ANB), as the new digital infrastructure is dubbed, will enable local companies, regardless of their size and the industry they operate in, to come together and use smart legal contracts (SLCs). In this way, businesses will be able to exchange data and confirm whether a contract is legal and what its current status is, thus managing the whole lifecycle of a SLC.
At first, IBM, Herbert Smith Freehills and Data61, the digital innovations branch of Australia’s Commonwealth Scientific and Industrial Research Organization (CSIRO), will test the platform. Then, banks, regulators, law companies and other local fir...
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