Commonwealth Bank of Australia (CBA) announced the successful completion of the experiment using the blockchain to the global shipping. Load, 17 tonnes of almonds were shipped from Victoria (Australia) to Hamburg (Germany) and fully tracked along the way by using Ethereum.
In addition to the CBA, as the organizers of the experiment were made by five major suppliers: Olam Orchards Australia, Pacific National (rail operator), Patrick Terminals and the Port of Melbourne (port operators), as well as major Hong Kong-based carrier OOCL. The Bank took responsibility for technological support of the ideas the specialists of CBA has developed a private network for tracking goods in real time posted on the Ethereum chain.
As a basic instrument for tracking the Bank used an IoT device. The sensors also measured the current state of the inside of the container including temperature, humidity and other factors.
“This kind of detailed data provided greater transparency for our partners in the field of supply, as well as increased efficiency in terms of location, status, validation, and confirmation of the contents of the goods”, — noted in the CBA.
In the text of the official announcement published on the Bank’s website stresses that this platform is fully digitized three key elements of the international supply, operations, documentation and financial management, recording and retaining information about the contents of the shipment, the stages of processing and the accompanying documents on a distributed registry.
The Bank also explained his choice of the main chain:
“At the moment, Ethereum is the most actively developing blockchain in the world, and he has the necessary functionality for us”.
However, the CBA is ready to consider other projects:
“[…] rapidly developing and other blackany, and CBA is open to other options in the future.”
Managing Director at CBA global supply and commodity operations Alex Tun (Alex Toone) stated that the experiment would have a significant impact on the scope of the supply chain:
“By combining partners working with cross-cutting supply chain, and developed a new platform based on the emerging technology of the blockchain and IoT, we were able to implement the concept, is able to modernize global trade.”
This is the second initiative of the CBA related to Baccano. Last year the Bank announced the establishment of a mechanism to issue government bonds on a distributed registry.
Supply chain is one of the most common applications of the blockchain. So, one of the latest projects in this area will be engaged in the redistribution and confidential delivery of medications for cancer patients.
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