The Commonwealth Bank of Australia (CBA) announced a successful completion of a trading experiment involving a shipment of 17 metric tonnes of almonds from Australia to Germany using blockchain.
The CBA which is one of the big banks in Australia, together with five Australian and international supply chain leaders have successfully shipped and tracked a shipment of seventeen tonnes of almond from Victoria Australia to Hamburg, Germany. Commonwealth Bank demonstrated a new blockchain platform built on distributed ledger technology (DLT) and smart contracts to facilitate the trade experiment which included tracking the shipment from the packer to the end delivery.
The platform covers three key areas of global trade – operations, documentation, and finance – by housing the container information, completion of tasks and shipping documents, on a purpose-built blockchain according to a media release on July 30th.
The partners were able to track and view the location of the shipment and also view the conditions such as the temperature of the container via different IoT devices. This level of data gives partners in the supply chain a great level of transparency since the location, condition, and authentication of the goods can be monitored.
Chris Scougall, Managing Director of Industrials and Logistics in Client Coverage, CBA says: “Our blockchain-enabled global trade platform experiment brought to life the idea of a modern global supply chain that is agile, efficient and transparent. 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.”