Co-developed by CBA as part of a focus to support regional businesses across Australia reach their full potential, the prototype enables the creation of tradeable digital tokens - BioTokens - within an efficient and transparent digital marketplace powered by blockchain, with the BioTokens representing biodiversity credits for the NSW Government’s Biodiversity Offsets Scheme.
BioDiversity Solutions Australia managing director, Rod Barnaby says BDS came up with the concept of a biodiversity credit marketplace after consulting with a wide-range of stakeholders to better understand the challenges and potential benefits of the Biodiversity Offset Scheme.
“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.
And Barnaby says his team and CBA collaborated to create a prototype that could bring numerous benefits to regional NSW.
“We worked closely with a number of key stakeholders in bringing this concept together and BDS is now looking for potential partners to take this opportunity forward to commercialise our platform for the benefit of stakeholders throughout NSW.”
Barnabv said there may also be future possibilities to apply the tokenised digital asset concept to other government-created rights to deliver more efficient digital distribution of scarce resources, while enabling governments to control and manage the schemes with real-time data.