Commonwealth Bank of Australia Expresses Optimism About Its ‘BioTokens’

The Commonwealth Bank of Australia is presently creating blockchain tokens, on a trial, to facilitate landowners, developers, environmental groups and governments to buy a stake in sustainable development.

The bank stated that it is developing “BioTokens” along with BioDiversity Solutions Australia to facilitate sustainable energy investments.

The venture is one among the initiative dedicated to back regional enterprises throughout Australia and facilitates the development of crypto assets reflecting biodiversity credits for New South Wales Government’s Biodiversity Offsets Scheme.

The government venture, launched in 2017, necessitates enterprises to identify and acquire biodiversity credits to negate impacts on development. Such credits can be created by real estate holders setting up stewardship sites to safeguard biodiversity on their land.

Along with the tokens, an on-chain electronic marketplace is also launched. Rod Barnaby, managing director, BioDiversity Solutions Australia, stated as follows:

“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.”

Sophie Gilder, heading the bank’s trial and commercialization of blockchain, artificial intelligence and other latest technology, has asserted that the venture establishes a marketplace that is transparent and easily accessible, facilitating the trading of tokens embodying assets related to biodiversity.

Sophie Gilder also opined about the system’s compliance in the press release:

“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.”

Back in June, US-based Clearway Energy Group, a sustainable energy development firm, unveiled a trial program for buying and selling renewable energy credits on a blockchain.