The Commonwealth Bank of Australia (CBA) has announced the successful experiment of a cross-border commodity trade with the support of a new blockchain platform, tracking the shipment from packer to end delivery in parallel to existing processes.
CBA is using the Ethereum blockchain in this project, where only authorized participants can access information.
Seventeen tons of almonds was shipped and tracked from the Australia farm region of Sunraysia to Hamburg in Germany in a blockchain-based collaboration between Commonwealth Bank and five Australian and international supply chain leaders.
As part of the experiment, CBA partnered with global agriculture player Olam Orchards Australia Pty Ltd, Pacific National, Port of Melbourne, Stevedore Patrick Terminals and shipping carrier OOCL Ltd. Hardware and software support was provided by Australian IoT provider LX Group to ship the almonds to the global hub of Hamburg.
The platform digitizes three key areas of global trade – operations, documentation and finance – by storing the container information, completion of tasks and shipping documents on a purpose-built blockchain.
This is not the first time that CBA is utilizing blockchain technology for international trade transaction.
In 2016, CBA and US-based bank Wells Fargo had successfully completed the first global trade transaction via blockchain between two independent banks.
This latest project built upon that work, examining how CBA could help its partners optimize working capital and asset utilization, explore trade finance concepts, and potential for in-app payment and invoicing.
by Joji XavierRTTNews Staff Writer
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