The Australian financial conglomerate Commonwealth Bank of Australia (CBA) has successfully tested the blockchain technology for managing supply chains. Writes about this ZdNet.
In the experiment, the blockchain was used to track the delivery of 17 tonnes of almonds from Victoria to Hamburg.
Partners of the Bank were made by the producer of agricultural products Olam Orchards Australia responsible for the transport of goods rail operator Pacific National and the shipping carrier OOCL Limited, as well as a supplier of hardware and software the LX Group.
During transport, the Bank used the blockchain-Ethereum platform is based on technology of Internet of things and smart contracts.
Team CBA said that thanks to the technology of the distributed registry, the partners can monitor the location of the cargo and have access to all necessary documents required by customs. The blockchain also kept the information about financial operations.
CBA noted that technology has helped to simplify the whole process.
ForkLog previously reported that Australian auditing company PwC, chamber of Commerce (ACCI) and the port of Brisbane to develop a blockchain solution to improve the efficiency of supply chains.
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