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Commonwealth Bank of Australia (CBA) Succeeds Global Trade Blockchain Trail

The Commonwealth Bank of Australia (CBA) has declared its completion of global trade experiment involving cross-border shipment of some 17 tons of almonds using Blockchain Tech.

One of the ‘Big Four’ bank in the country, the CBA claimed it success on Monday that 17 metric tons of almonds were shipped from Australia to Germany. Since, the international trade was tracked through blockchain platform including CBA, five Australian and international supply chain leaders.

Moreover, the bank has developed a private blockchain platform on top of Ethereum (ETH) network to facilitate real time tracking of the shipment in Victoria, Australia, to Hamburg in Germany. The CBA pointed three areas of global trade including operation, documentation and finance in which the complete details are recorded and shared on the decentralized ledger.

The bank said in a statement that;

“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”.

In addition, regards with the experiment, CBA teamed up with global agriculture player Olam Orchards Australia Pty Ltd; port landlord Port of Melbourne, stevedore Patrick Terminals, Pacific National- Australia’s rail operator and shipping carrier OOCL Limited. The global trade experiment also integrated IoT to monitor storage conditions such as temperature and humidity in container.

CBA Managing Director of Global Commodities and Trade, Alex Toone said;

“By bringing together partners from across the end to end supply chain and developing a new platform. It is underpinned by emerging technology, blockchain and IoT, we were able to prove a concept to modernize global trade”.

Recently, CBA was working with blockchain based system, Wells Fargo which used to track shipments of cotton in real-time. Besides, the bank also revealed about its plans to provide bonds over a blockchain based system called “cryptobond”.

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Kerin

Kerin is active blogger and guest writer at Coinpedia. She loves writing new updates, price fluctuations and possible insights. Kerin frequently search, review and share her views among large audience via crypto media firms.

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