The Commonwealth Bank of Australia, known as the largest banking institution in the country, has been using the blockchain technology to tackle the issues of investing in sustainable development.
Today, the bank has announced that it is working on something that will be called “BioTokens”. These new crypto tokens, which are being developed in a partnership with BioDiversity Solutions Australia, a company focused on tech and sustainability, will be used as biodiversity credits.
Biodiversity credits were initially created by a government project back in 2017. The idea was to help companies that were engaged in sustainable development. When companies develop systems that help to protect the environment, they will receive rewards as BioTokens.
According to Rod Barnaby, from BioDiversity Solutions, the new tokens will be a part of a digital marketplace platform. This way, the tokens can be an alternative source of income for the companies, which will reward them for their efforts in being eco-friendly.
The head of experimentation at the Commonwealth Bank, Sophie Gilder, affirmed that the platform will work as a way to turn the project into something easily accessible and transparent. According to her, the BioTokens will be very complex assets, but they will provide a very streamlined experience for the users.
At the moment, the two institutions are seeking new partners for this project. With the help of these future partners, they hope to finally make the commercial launch of the platform and to create more use cases for it as well.
Author: Gabriel Machado
The ABS Bank, a banking institution from New Zealand that is owned by the Commonwealth Bank of Australia, has recently invested in a local company called TradeWindow. The company uses the blockchain technology and it is focused on creating solutions for supply chains.
TradeWindow’s CEO AJ Smith affirmed that this was one of the first times in which a bank has made a direct investment in this kind of company in the country. This, the CEO believes, will allow the company to get even more clients and offer better services.
A manager at ASB called Nigel Annett also commented on the situation, affirming that the blockchain company has potential and that it can transform how international trade happens. Annett said that TradeWindow will allow the bank to operate in a much more efficient way than it did before.
TradeWindows’s technology was created in order to enable companies to create a single trading window for transactions that can be accessed by everyone that is a part of it. This connects companies and decreases the risk of fraud exponentially.
Also, all major documentation that may be needed on the platform can be uploaded to this window and digitally exchanged. This can eliminate costs and save a lot of time, bring more efficiency to the clients of the company, especially if they constantly make international trades.
Recently, New Zealand is becoming more friendly to Bitcoin and the blockchain technology. Not only the country is set to change how crypto taxes work, but many companies are finally being able to finally get mainstream support.
Author: Bitcoin Exchange Guide News Team