A newly developed blockchain prototype could support sustainable development, with a wide-range of potential benefits for users.
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 Commonwealth Bank of Australia and BioDiversity Solutions Australia (BDS), a privately owned regional business based in Port Macquarie NSW.
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 NSW Government’s Biodiversity Offsets Scheme.
CBA’s Head of Experimentation & Commercialisation for blockchain, AI and emerging technology, Sophie Gilder says “This innovative prototype creates an accessible, transparent online marketplace where valuable biodiversity credits can be securely managed and traded using ‘BioTokens’ on blockchain – transferrable digital tokens which represent unique biodiversity assets.”
“Our vision is that by digitising biodiversity credits and building a marketplace where they can be bought and sold, we can invest in and protect our natural environments,” she added.
