Commonwealth Bank of Australia (CBA) has developed a blockchain prototype to support sustainable development. Users can trade government biodiversity credits. It is in collaboration with BioDiversity Solutions Australia (BDS), a privately-owned regional business based in Port Macquarie, New South Wales (NSW).
Tradeable digital tokens (BioTokens) can be created through this prototype. Also, these tokens are then traded within an efficient and transparent digital marketplace powered by blockchain. However, the primary objective is to protect flora and fauna from developmental impacts. Rod Barnaby, MD, BDS, said they are seeking potential partners to take the project forward and commercialize the platform.
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