BTC Wires: The Commonwealth Bank and 5 major players in the crypto supply chain have reportedly traded 17 tons of almonds as part of a crypto-based experiment.
By storing data like container information, task completion data, and shipping documents on blockchain, the new platform managed to digitise the operations, documentation, and the finance of the entire deal.
Partners were able to track the shipment as well, from Australia to Germany. They were also constantly monitoring the integrity of the goods, and issues such as temperature and humidity, using 4 IoT devices. Additionally, they were also able to keep the data such as lading bills, origin certificate, and other custom-related documents on the secure Ethereum blockchain. This experiment was conducted simultaneously with other operations.
“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,” said CBA managing director of industrials and logistics in client coverage Chris Scougall.
The partners involved in the deal were OOCL Limited for shipment containers, Patrick Terminals, the Port of Melbourne for port management, Pacific National for hauling the rail, and Olam Orchards Australia. Australia-based IoT provider LX Group supplied the hardware and software support required for the shipment.
“Since the expansion of globalisation, global supply chains have continued to become more complex. This project is unique as it looks to re-imagine how the supply chain communicates and shares information. Simple access to this information provides us with an ability to better utilise our assets and provide customers with better, more efficient services,” said CFO of Pacific National Gerhard Ziems.
Although all the data regarding additions to the ledger was accessible to all the parties, the bank has maintained that more restrictions would be put on access in the future. It stated that parties would able to keep sensitive data secure and reserve consumer access to regular and relevant data only.
This stint is the latest amongst a number of crypto-based experiments conducted by the Commonwealth Bank, headed by Sophie Gilder.
CBA, Wells Fargo, and Brighann Cotton conducted back in 2016 what they claim to be the first ever blockchain-based international trade to have happened between two banks with independent heads. The transaction used an open account, using a “letter of credit” that was performed by a collaboration on the ledger blockchain by Brighton Cotton US and Brighton Cotton Marketing Australia and their respective banks CBA and Wells Fargo.
Earlier this year CBA conducted a “cryptobond” experiment, making a platform that would help raise capital by the issuance of bonds, on blockchain. Queensland Treasury Corporation tested this program with semi-authoritative documents.
After successfully running the R3 Corda ledger in South Africa, the bank hinted a couple of months back that they were planning to bring the solution to the States as well.