Commonwealth Bank of Australia has unveiled ‘BioTokens’ to help the Environment

Home » Commonwealth Bank of Australia has unveiled ‘BioTokens’ to help the Environment

Australia’s Biggest Bank is currently building blockchain tokens prototypes that are meant to enhance sustainable development investments amongst environmental groups, governments, developers, and landowners.

‘BioTokens’

On Aug. 21, The Commonwealth Bank of Australia published on its website a press release stating that it is co-developing with BioDiversity Solutions Australia the “BioTokens,” that would enable sustainable investments.

The New South Wales Government is set to benefit from biodiversity credits inform of crypto assets that are created for the Biodiversity Offsets Scheme. In essence, the project is an extension of regional businesses support that is occurring across Australia.

Companies have to search and purchase biodiversity credits that can be used to offset development impacts according to the government project that commenced in 2017. To protect land biodiversity, landholders have to generate credits that establish stewardship sites.

Rod Barnaby — the managing director of BioDiversity Solutions Australia — reportedly stated that a dedicated on-chain digital marketplace will accompany the tokens, further commenting:

“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.”

BioTokens’ Importance in automated regulatory compliance

The head of experimentation & commercialisation for blockchain, AI and emerging technology in the bank Sophie Gilder has revealed that tokens which represent biodiversity assets will be transparently and accessibly traded in the marketplace with the implementation of the project.

In another quote, she addressed the system’s compliance issue saying:

“The BioTokens can be programmed with complex scheme rules so that compliance and administration is automated, market activity is transparent and real time, and marketplace participants have a simpler, streamlined experience.”

At the close of June, Clearway Energy Group — a clean energy development firm based in the United States — launched a pilot trading renewable energy credits program on a blockchain.

Sources: https://cointelegraph.com/news/australias-biggest-bank-says-its-biotokens-can-help-the-environment
https://www.commbank.com.au/guidance/newsroom/blockchain-biotokens-biodiversity-marketplace-201908.html

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