The bank sent nuts from Australia to Germany in a blockchain-based supply chain trial. By Asha McLean
| July 29, 2018 — 23:56 GMT (16:56 PDT)
| Topic: Innovation The Commonwealth Bank of Australia (CBA) has announced completing a global trade experiment, shipping nuts overseas that were tracked via blockchain.
The new blockchain platform, underpinned by distributed ledger technology, smart contracts, and the Internet of Things (IoT), was used to facilitate the trade experiment that saw 17 tonnes of almonds sent from Sunraysia in Victoria, Australia, to Hamburg in Germany. In partnership with Olam Orchards Australia, Pacific National for rail haulage, Port of Melbourne, stevedore Patrick Terminals, and shipping carrier OOCL Limited, CBA’s blockchain platform was used to track the shipment from packer to end delivery, in parallel to existing processes.
Hardware and software support was provided by Australian IoT provider LX Group to ship the almonds from Mildura to the global hub of Hamburg. “Our blockchain-enabled global trade platform experiment brought to life the idea of a modern global supply chain that is agile, efficient, and transparent,” CBA managing director of Industrials and Logistics in Client Coverage Chris Scougall said.
“We believe that blockchain can help our partners reduce the burden of administration on their businesses and enable them to deliver best-in-class services to their customers.” According to the bank, the platform digitises the operations, documentation, and finance areas of global trade by housing the container information, completion of tasks, and shipping documents.
Must read: Cheat sheet: Blockchain (TechRepublic) How Blockchain Will Disrupt Business Blockchain has the potential to rewrite the economy and change the balance of power across industries. It also has specific uses for the enterprise. Read more from zdnet.com…
thumbnail courtesy of zdnet.com