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Australian Bank Successfully Trials Blockchain-backed Shipping

Commonwealth Bank of Australia (CBA) has announced the successful completion of a trading experiment where a blockchain tracked goods through a supply chain. A cross-border shipment carrying nearly 17 tons of almonds were send from Australia over to Germany was tracked all the way through a private platform build by the bank itself using the ethereum network.

Key participants of the supply chain included the producer of the goods that were shipped, Olam Orchards, logistics carriers, and several port operators: Port of Melbourne and Patrick Terminals. Talking of the system, CBA says the blockchain stores all documents, financial transactions, data from containers while allowing different parties to view, and track shipments live.

“This level of data provided partners in the supply chain with a greater level of transparency and efficiency regarding the location, condition and authentication of the goods being transported,” CBA said in a statement.

Important

1. One of the largest banks in the country, part of ‘big four’ has collaborated with five supply chain leaders on this project that proves blockchain can be utilized in shipping.

2. Earlier, in a similar move, a local government in the south of India said it will resort to the use of blockchain technology to organize a steady supply of food to the area.

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