To begin with, the biggest bank in Australia, is making plans to launch a blockchain biotokens that will promote investment and sustainable development. Moreover, government at all levels, landowners, environmental agencies, and developers are all principal beneficiaries of this project.
Commonwealth Bank’s “Biotokens”
First of all, n the 21st of August 2019 the bank, through a press release, revealed its plans to establish a “Biotoken” that will promote long-term environmental development and biodiversity solutions in the country.
The project works at secure means of conducting business in all regions across Australia. So, it will as well, establish assets in the form of cryptos that will act as biodiversity credits to assist the government of New South Wales in its biodiversity offset program.
Before, the government two years ago commenced a project that required companies and landowners to source and buy biodiversity credits that will balance-out developmental effects. Then landowners can obtain such credit by setting-aside stewardship sites in their land that will help to promote biodiversity.
Next, the tokens will likely come alongside an active online marketplace, Said Barnaby, Managing Director at Biodiversity Solutions Australia.
“Creating a digital marketplace is one of the comprehensive plans we have been working on to help the populace partake in the New South Wales biodiversity offset program. So, our vision was to contribute towards the enhancement of programs that will help to safeguard environmental ecosystems. At the same time, landowners will be able to generate income and get recognized for their contribution towards biodiversity preservation.”
Biotokens by Bank of Australia can be regulated and automated
So, the project will promote a secure and reliable marketplace. Furthermore, Sophia Gilder, head of experimentation and commercialization for blockchain, AI, and developing technology, said:
“The tokens can be automated with complicated program rules. So that, it will ensure administration and consumer abidance to the service rules. Through this, we shall have a trusted marketplace with a specifically smooth, and narrowed process for every participant.”