Virtual currency purchases blocked on CBA credit cards Virtual and crypto-currencies such as Bitcoin have yet to meet a minimum standard of.
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- Facebook, Google plan new undersea cables
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- RBA partners with CBA, NAB on digital wholesale currency - Finance - Software - iTnews
- How blockchain could change the way we spend and save
Facebook, Google plan new undersea cables
Update now. Technology can let your money know what it can be spent on, when and by whom - all by using a mobile app.
The concept of smart money, or programmable money, involves setting certain conditions so that the money knows what it can be spent on, when, and by whom — all by using a mobile app. Commonwealth Bank General Manager Digital Growth and Innovation Toby Norton-Smith said only those transactions that meet set conditions would go through, making it perfect for people to get in control of their spending based on goals they set for themselves.
Similarly, according to the report, parents could ensure their children spend their pocket money on specific items and not others, or they may wish to incentivise saving by creating bonuses when children do not spend all their pocket money in one week.
Get the Latest from CoinDesk
The report also discusses ways smart money could increase transparency between consumers and third parties, and therefore increase trust. CBA also partnered with several supply chain leaders to conduct an experiment which saw 17 tonnes of almonds shipped and tracked from Victoria to Hamburg in Germany using a blockchain-enabled global trade platform.
It can also position itself as the best global source of digital Australian currency. It may take a while for the Commonwealth Bank to incorporate the Ripple protocol, but this announcement will surely pave way for interest in digital currency and related applications among other banks and conventional financial institutions.
RBA partners with CBA, NAB on digital wholesale currency - Finance - Software - iTnews
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How blockchain could change the way we spend and save
Australia's federal science agency CSIRO and CommBank have trialed a blockchain payments prototype they say could save "hundreds of millions" a year. The prototype blockchain marketplace is aimed to support sustainable development and reward landowners for protecting the environment. Australians with disabilities may soon have an easier way to settle insurance payments, thanks to a blockchain initiative from CommBank and CSIRO.