Australian research organization to test out smart contracts for insurance

The Commonwealth Scientific and Industrial Research Organization and the Commonwealth Bank of Australia are partnering to test out a blockchain project called Making Money Smart. Making Money Smarts is testing out a proof-of-concept of 'smart money' with the National Disability Insurance Scheme (NDIS). 'Smart money' uses a blockchain token coded with smart contracts to execute payments based on pre-defined conditions. For example, service providers can set a $100/month limit for a  'smart money' token, only allowing patients to spend $100 worth of 'smart money' tokens a month. If successful, the technology could help the service providers reduce administrative costs and increase visibility for the government. (Source: CSIRO)