Commonwealth Bank of Australia has Shipped of Almonds with Blockchain
Blockchain technology in the supply chain sector
The Commonwealth Bank of Australia has announced that it successfully completed the trade of Almonds to Europe using a blockchain platform. The bank is said to have used blockchain technology to track the shipping of 17 tons of Almonds in a collaborative effort which involved 5 domestic and international leaders in the supply sector. The shipment was monitored from Melbourne to Hamburg.
The blockchain platform used was underpinned using the Internet of things, Distributed ledger technology, and smart contracts. The platform was developed to digitize the three main areas of trade which include finance, operations, and documentation. The platform works by housing all information, shipping documents, and completion of tasks. Using these platform all the involved parties were also able to monitor the temperatures inside the container through the integrated Internet of Things devices.
This latest development has shown the current trend which is surrounding the blockchain technology, especially in the supply chain field. Many companies including Boeing have already announced plans and efforts to simplify the use of Blockchain technology to improve security, cost, and time-frames. Samsung set up its own blockchain platform months ago to monitor its sales all over the world.
In this latest move CBA partnered with Olam Orchards Australia Pty Ltd, Port Landlord port of Melbourne, shipping carrier OOCL Limited, Stevedore Patrick Terminals, and the Pacific National for rail haulage. CBA seems to be following the footsteps of its former chief financial officer Rob Jesudason who quit in a job in May to become the Chief Operations Officer of Block.One which is the company behind the EOS token.
Many companies are exploring the blockchain field. Blockchain is said to be very secure, efficient and cost friendly and therefore highly recommended for the supply chain departments. With this technology instances of reconciliations which tend to delay the supply of goods and services are reduced. In fact, the blockchain technology is seen as the technology that will lead to the next industrial technology.