The Commonwealth Bank of Australia is continuing with its focus on <a href="https://www.cryptoknowmics.com/crypto/enterprise-blockchain-adoption-initiated-by-cardano-foundation-and-konfidio/">Blockchain</a> technology. This time round it has <a href="https://www.commbank.com.au/guidance/newsroom/blockchain-biotokens-biodiversity-marketplace-201908.html">announced</a> a prototype it believes has the potential to increase sustainable development by enabling investment opportunities for land owners, developers, government and environmental groups.

Additionally, the prototype is developed by CBA together with <a href="https://www.biodiversitysolutionsaustralia.com.au/">BioDiversity Solutions Australia</a> (BDS). The prototype will enable the creation of tradable digital tokens, BioTokens with “efficient and transparent digital marketplace powered by Blockchain".

Moreover, the idea will provide companies that have signed up for New South Wales’ Offset BioDiversity Scheme (BOS) with digital marketplace to buy and sell BioTokens. BOS is part of local regulations from 2016 whose objectives is to minimize and offset firms, negative energy on biodiversity. The main aim is sustainable property development.
<blockquote>“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 ecosystems’; while also creating an alternative source of income for landowners and rewarding them for preserving biodiversity on their land,”  noted BioDiversity Solutions Australia Managing Director, Rod Barnaby.</blockquote>
In particular, the BioTokens can be programmed using complex rules which will automate compliance and administration. This is according to Sophie Gilder, CBA head of experimentation and commercialization for Blockchain, AI and Emerging Technology. Trades in the market are also real-time and transparent, she added.

Currently, there are no transparent markets for landholders and developers to trade biodiversity credits. However, according to Commonwealth Bank the prototype digital marketplace for trading BioTokens provides a platform.

Additionally, the bank said an accessible market to trade the BioTokens; opens up the possibility for other investors to buy biodiversity tokens as an investment.
<h2>In Conclusion</h2>
Recently CBA recently <a href="https://www.zdnet.com/article/data61-and-cba-demonstrate-blockchain-welfare-payments/">partnered</a> with CSIRO’s Data61 which saw the pair help manage transactions within Australia’s National Disability Insurance Scheme (NDIS). The pair utilized Ethereum network with smart contracts which control when and where government money can be spent.

Commonwealth Bank Set to Trial Blockchain for Biodiversity Investment

The Commonwealth Bank of Australia is continuing with its focus on Blockchain technology. This time round it has announced a prototype it believes...%

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Commonwealth Bank Set to Trial Blockchain for Biodiversity Investment

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