Australian Bank Commonwealth (Commonwealth Bank of Australia CBA) announced the successful completion of cross-border commercial transaction using the blockchain to track the supply chain.
One of the largest banks of the country reported that the party of almonds (17 tons), shipped from Australia to Germany, were tracked via a private blockchain platform developed by the Bank based on Ethereum.
Nodes in the blockchain networks have become key participants in commercial transactions, including producers of agricultural products Olam Orchards, transport companies, port operator Patrick Terminals and the port of Melbourne.
As specified in the CBA, the system based on the blockchain stores data about the containers, documents, and financial transactions in a distributed network. Thus, partners can simultaneously view and track the shipping information in real time. Moreover, in addition to the data delivery status available to them and other information, including the temperature and humidity in the container.
“The amount of data provided to partners through the supply chain a higher level of transparency and efficiency with respect to location, status, and authentication of goods transported,” — said in a statement, the Bank.
We will remind that earlier in Australia the chamber of Commerce of the country, the local unit of the audit firm PricewaterhouseCoopers (PwC) and the port of Brisbane began developing their own blockchain-based platform for tracking supply chains — Trade Community System. While the government has allocated for the study of the application of blockchain technology more than $520 thousand.
Tracking supply chains is one of the most popular practical applications of the new technology — according to the forecast of International Data Corporation, the development of blockchain solutions in this region at the end of the year the world will spend $160 million