Commonwealth Bank completes blockchain-based global trade pilot

Seventeen tonnes of almonds have successfully been shipped and tracked from Sunraysia in Victoria, Australia, to Hamburg in Germany in a blockchain-based collaboration between Commonwealth Bank and five Australian and international supply chain leaders.

Commonwealth Bank demonstrated a new blockchain platform underpinned by distributed ledger technology, smart contracts and the internet of things (IoT) to facilitate the trade experiment, tracking the shipment from packer to end delivery in parallel to existing processes.

Chris Scougall, Managing Director of Industrials and Logistics in Client Coverage, CBA said: “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.

As part of the experiment, CBA partnered with global agriculture player Olam Orchards Australia Pty Ltd, Pacific National for rail haulage, port landlord Port of Melbourne, stevedore Patrick Terminals and shipping carrier OOCL Limited.

> Read entire article Commonwealth Bank completes blockchain-based global trade pilot | James Henderson | Supply Chain Digital

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