Commonwealth Bank of Australia Claims Success In Its Global Trade Blockchain Trial
Banks around the world are starting to use the blockchain technology to make cross-border transfers. Now it was the time of the Commonwealth Bank of Australia (CBA) to use cross-border shipments with the blockchain technology to track the goods that were being carried via the supply chain.
The CBA is one of the four biggest banks in Australia. According to a statement of the bank, almost 37,000 pounds of almonds were shipped from Australia to Germany and blockchain technology was used to track them. The platform was developed by the bank using the Ethereum network.
Using The Blockchain To Get More Efficiency Along The Supply Chain
Unlike most blockchain products which are completely decentralized, this one had as participating nodes key parties along the supply chain. One of them, for instance, was Olam Orchards, which is a logistic carrier, and other ones were Patrick Terminals and the Port of Melbourne.
According to the Commonwealth Bank of Australia, the blockchain and systems based on it can allow different partners to track the financial transactions that are happening on the network at the same time because the technology keeps track of the data of containers, documents and the financial transactions that are happening on the supply chain.
In a release, the bank affirmed that this new level of data can be beneficial for all the involved in the transactions because they will have more transparency and efficiency and they can follow the whole tracking process more closely.
The supply chain manager from Olam Orchards, Emma Roberts, has commented that trade inefficiency can be very bad for business, so it is vital that the industry always finds ways to develop quick and efficient solutions that will continuously improve the processes along the supply chain.
More Plans Involving The Blockchain Technology
The Commonwealth Bank of Australia has already tested a blockchain system for tracking shipments of cotton recently in a partnership with Wells Fargo. The test technology was very similar to the one recently used by the company. Last year, the bank has also revealed plans to issue a bond over the blockchain system.
Since 2017 the CBA has been making a conscious effort to adopt the blockchain technology and to push its own tech forward in a way to develop it more and get better results. According to reports, the CBA intends to spend close to $1 billion USD to advance its tech.