Posted February 16, 2018 14:11:13A major financial institution in Australia is using the latest blockchain technology to keep its finances secure while the bank it’s part of is making big investments.
The Turnbull government’s Turnbull Fund, which has a $500 million investment in the bank, is using blockchain to help with its tax administration and corporate governance.
The fund has a team of around 25 people that are experts in the field.
The company that owns the bank has been using the technology for the past few years to make a huge amount of payments.
The bank says it will be working on a blockchain platform that will provide auditable documents, which will allow it to keep track of its financial accounts.
The project started with the Turnbull Fund when it was in a position to use blockchain to track and report on the assets it had on its books.
The new project was funded by the Turnbull Government, with $50 million in funding.
The money was put in the fund to provide the bank with better tax and governance management, according to the company.
The technology will also be used to help the Turnbull fund manage its assets and its tax liabilities.
It’s unclear how the Turnbull funds project will benefit other financial institutions in Australia.