As per a blog post released on the official Commonwealth Bank (CBA) website, the financial institution has successfully shipped and tracked a 17-tonne consignment from Sunraysia in Victoria, Australia, to Hamburg in Germany using a blockchain-based platform that was designed in collaboration with five other Australian and international supply chain leaders.
The new blockchain platform makes use of distributed ledger technology, smart contracts and the internet of things (IoT) to facilitate trades as well as track shipments in real time.
In a recent interview with Chris Scougall, Managing Director of Industrials and Logistics for CBA, he was noted as saying:
“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.”
What exactly did the trade entail?
As mentioned earlier, to complete this trade the CBA partnered with five different conglomerates including
Global agriculture player Olam Orchards Australia Pty Ltd
Port landlord – Port of Melbourne
Stevedore Patrick Terminals
Shipping carrier OOCL Limited.
In addition to all this, the backend support work was handled by Aussie IoT company LX Group.
While talking about the point of this entire exercise, Alex Toone, CBA Managing Director of Global Commodities and Trade, was noted as saying
“By bringing together partners from across the end to end supply chain and developing a new platform underpinned by emerging technology, blockchain, and IoT, we were able to prove a concept to modernize global trade.”
More on the matter
Technically speaking, the platform provides all participating entities with the ability to ‘view and track the location of shipments as well as view conditions, such as temperature and humidity inside the container, via four IoT devices’.
As a result of this, a greater level of transparency and efficiency regarding the location, condition and authentication of the goods being transported can be introduced within any existing supply chain.
CBA is one of the premier banking institutions in Australia along with NAB, ANZ. The fact that the folks over at Commonwealth Bank deployed a blockchain based service for such a novel use case only goes to show the true potential of this technology.
Image courtesy of Shutterstock.com
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