The Commonwealth Bank of Australia (CBA) has developed a blockchain prototype that could support sustainable development.
The blockchain prototype, developed in partnership with BioDiversity Solutions Australia (BDS), a privately owned regional business based in Port Macquarie NSW, reportedly enables the creation of tradeable digital tokens, called ‘BioTokens,’ within an efficient and transparent digital marketplace powered by blockchain.
According to CBA, the BioTokens represent biodiversity credits for the NSW Government’s Biodiversity Offsets Scheme, which creates a transparent, consistent and scientifically based approach to biodiversity assessment and offsetting for all types of development that are likely to have a significant impact on biodiversity. The scheme also establishes biodiversity stewardship agreements, which are voluntary in-perpetuity agreements entered into by landholders, to secure offset sites.
The companies claim that the blockchain prototype has the potential to boost sustainable development while enabling investment opportunities for landowners, environmental groups, developers and government.
“Developing a digital marketplace is part of a broader project we have been working on to help stakeholders participate in the NSW Biodiversity Offset Scheme,” BioDiversity Solutions Australia Managing Director Rod Barnaby said. “Our vision was to help facilitate the protection of precious environmental ecosytems, while also creating an alternative source of income for landowners and rewarding them for preserving biodiversity on their land.”
Sophie Gilder, CBA’s Head of Experimentation & Commercialisation for blockchain, AI and emerging technology, said that the prototype creates an accessible, transparent online marketplace where valuable biodiversity credits can be securely managed and traded using BioTokens.
“The BioTokens can be programmed with complex scheme rules so that compliance and administration is automated, market activity is transparent and real time, and marketplace participants have a simpler, streamlined experience,” Gilder said.
The parties are now seeking potential partners to take the project forward and commercialize the platform.
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