Thursday, 22 August 2019 03:24

Commonwealth Bank, BioDiversity Solutions collaborate to develop Blockchain ‘BioTokens’ Featured

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A new blockchain prototype has the potential to boost sustainable development while enabling investment opportunities for landowners, environmental groups, developers and government, following a collaboration between the Commonwealth Bank and South Australia’s BioDiversity Solutions Australia (BDS).

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.

“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.”

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.

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Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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