CBA: Australia's Largest Bank trade developed space for environment-Token

The Commonwealth Bank of Australia (CBA) has presented a commercial space for tokens that stand for a sustainable promotion and conservation of the environment. This is designed to promote the protection of the environment and investments in the environment make it possible.

From Stefan Schäfges
22. August 2019BTC$9.946,28 -6.25%part Facebook Twitter LinkedIn xing mail

In a press release dated 21. August, the largest Australian Bank CBA reported that this, together with the regional service company BioDiversity Solutions Australia (BDS) developed a new Blockchain prototypes. This Blockchain is to promote a sustainable development in the environment and to other investment opportunities.

CBA Blockchain for better environmental protection

The Blockchain-the prototype is intended to support companies in Australia, the sustainable potential. This allows the creation of digital tokens ("Bio-Token"), which can for example act, landowners or investors, on a digital marketplace. For a transparent and efficient trading in the digital marketplace runs on a Blockchain.

The Bio-tokens are Bio-Diversity credits for the "NSW Government's Biodiversity offset Scheme". This is a program in order to avoid the effects of development and deforestation on the diversity of species and to minimize and compensate for. The program secures for the respective areas the species diversity (plants, animals, etc.) for an indefinite period of time.

Rob Barnabay, managing Director of BDS, describes the connection from the protection of the environment and the investment opportunities.

Our Vision was to facilitate the protection of valuable environmental Ecosystems, and to create an alternative source of income for landowners, and to reward them for the conservation of biological diversity on their Land.

In the future more examples of applications for governments are for the use of tokens of localized digital Assets is conceivable. This makes the distribution, control and management of scarce resources possible. In addition, concepts related to the management and allocation of intellectual property or water rights available for use to provide areas for tokens.

Sophie Gilder, head of the research Department of the Blockchain, AI, and Emerging Technology at the CBA, describes the innovative value of the Bio-Token.

The Bio-Token can be programmed with rules with complex system to automate Compliance and Administration, so that market activities are transparent and in real time, and thus, the participation in the trade is simple and easily accessible.

Commonwealth Bank remains blockchainaffin

This is not the first Blockchain-a project of the CBA. So BTC has reported ECHO in July 2018 on the participation of the CBA in a Blockchain project. At that time, the project partners had sent 17 tons of almonds from the Australian Victoria to Hamburg. The transport conditions (temperature, humidity) through IoT were monitored devices.

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