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Commonwealth Bank of Australia develops a blockchain prototype

The project will reward landowners for protecting the environment

Commonwealth Bank of Australia (CBA) has developed a blockchain prototype to support sustainable development. Users can trade government biodiversity credits.At present, 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 built through this prototype. Also, you can further trade these tokens 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, is seeking potential partners to take the project forward and commercialize the platform.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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