The Commonwealth Bank of Australia (CBA) has announced the completion of a successful trade using its new blockchain platform, according to its July 30 press release.
In a collaborative effort involving five domestic and international “supply chain leaders,” the bank used blockchain to track a shipment of 17 tons of almonds from Melbourne to Hamburg, Germany.
Distributed ledger technology (DLT), Internet of Things (IoT), and smart contracts underpin the platform, which seeks to enhance multiple aspects of the supply chain process.
The press release notes that the platform digitizes “three key areas of global trade – operations, documentation and finance – by housing the container information, completion of tasks and shipping documents, on a purpose-built blockchain.” Participants were also able to track the temperature and humidity inside the container through four IoT devices.
The move reflects a broad trend developing around blockchain technology’s role in the supply chain arena, as both Accenture and Boeing have recently announced efforts to leverage the technology’s use to improve cost, security, and timeframes.
Partnering with CBA on the latest endeavor were Olam Orchards Australia Pty Ltd, Pacific National for rail haulage, port landlord Port of Melbourne, stevedore Patrick Terminals, and shipping carrier OOCL Limited.
In May, CBA’s Chief Financial officer Rob Jesudason quit his post to become COO of Block.One — the company behind the EOS token — amid continued criticism of CBA’s conduct in regards to anti-money laundering enforcement and terrorism financing laws.