Top Australian bank uses Ethereum blockchain to ship almonds to Germany
In yet another interesting real world use case for blockchain technology, Australia’s largest bank – the Commonwealth Bank of Australia (CBA) – just conducted its first trial for the use of Ethereum blockchain – to ship almonds! The lender has successfully used the technology – right from shipping 17 tonnes of almonds from Victoria, Australia, all the way to its destination in Hamburg, Germany.
The experiment was done in a blockchain-based collaboration between the bank and five supply chain businesses. Australian IoT firm LX Group provided hardware and software support required for the shipment.
“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,” said Chris Scougall, managing director of Industrials and Logistics in Client Coverage at CBA.
How is blockchain used in shipping?
The blockchain platform was used in three stages of the shipment – operations, documentation and finance. Container information for the shipment, tasks to be fulfilled and documents required for shipping were included in the blockchain platform.
According to a statement by CBA on Monday, participants of the experiment used the platform to not only track the shipment’s location, but also keep track of conditions inside the container, such as temperature and humidity.
For documentation, the blockchain platform would allow users to upload and access various documents required by customs. This allows quicker and more efficient processing of documents.
The platform allows users to implement smarter planning as users can keep checking the location of the shipment through a web application at any time. This could also potentially lead to cost savings throughout the supply chain.
Though the experiment was done using the Ethereum blockchain, CBA has stated that it is open to trying out other blockchain options in the future.
CBA – not a stranger to blockchain
This is not CBA’s first venture in using blockchain technology. In 2016, the lender and U.S.-based Wells Fargo had successfully completed the first global trade transaction using blockchain.
The transaction involved a shipment of cotton from Texas to Qingdao, China. The two banks used distributed ledger technology to facilitate the transaction between a cotton buyer and seller.
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