New Zealand’s First Ever “Bank Blockchain Trade”: Sending Meat to Korea
It has been recently revealed that an arm of New Zealand Bank, ABS has recently contributed towards what they call a “Bank Blockchain” trade. More specifically, Kiwi meat exporter Greenlea Premier Meats sent meat to a Korean importer through the use of blockchain technology.
As per local news outlet, nzherald.co.nz’s report, ABS’s General Manager, Greg Beehre described this endeavor as being the first of its kind, as it implies that every paperwork required can be now transferred via digital payment methods and processing.
In addition, Beehre revealed that this method promotes time efficiency considering the fact that it took them an hour to clear out payment compared to the typical range of business days otherwise.
CEO of Greenlea, Tony Egan shared the reason for considering blockchain to begin with as being its feature of limited breach. In addition, he seems to have been attracted by the tech’s storage cap, as it allows exporters and importers to manage data in one place, as opposed to referring to piles of paper, which can easily get lost without proper attention.
Here’s an extract on what a member of Greelea, Jack Vollebregt had to say in regard to this new milestone:
“Being able to use the ABS blockchain platform removes the weak spots and ensures the integrity of the data. We also especially like the instant translation capability which will limit any misunderstandings or human error that can come from dealing with businesses based in different countries and time zones.”
All this being said, details regarding the type of blockchain used was not provided in depth. However, it has been assumed to be a private and permissioned blockchain, which makes sense given that it is a business interaction – one that normally will not be disclosed publicly unless questioned.