Commonwealth Bank of Australia Launches Blockchain-based Digital Marketplace Prototype to Allow Users to Trade Government Biodiversity Credits

Commonwealth Bank of Australia announced on Wednesday the launch of its newly developed blockchain-based digital marketplace prototype which will allow users to trade government biodiversity credits. The description of the prototype reveals:

“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.”

While sharing more details about the prototype, BioDiversity Solutions Australia Managing Director, Rod Barnaby, stated:

“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 ecosytems, while also creating an alternative source of income for landowners and rewarding them for preserving biodiversity on their land.”

CBA’s Head of Experimentation and Commercialisation for blockchain, AI and emerging technology, Sophie Gilder added:

“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.”

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