The project enables access to real-time updates and documentation on the location, condition, and authentication of goods through IoT devices.
In a statement today, the Commonwealth Bank of Australia (CBA)—one of the country’s “Big Four” banks, said that their pilot for a blockchain-based shipment tracking has been successful. The test run, a collaboration between the CBA and five Australian and international supply chain leaders, was conducted using 17 tons of almonds shipping from Sunraysia in Victoria, Australia, to Hamburg, Germany.
“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,” CBA Managing Director of Industrials and Logistics in Client Coverage, Chris Scougall said in the release.
Participating in the project were Olam Orchards Australia Pty Ltd, Pacific National, the Port of Melbourne, Stevedore Patrick Terminals, shipping carrier OOCL Limited, and LX Group. According to the CBA, the project was launched on the Ethereum blockchain, but that they are open to other options, provided that their privacy requirements can be met.
“CBA is using the Ethereum blockchain in this project. Ethereum currently has the most development activity globally, and offers the functionality we require. However other blockchains are developing rapidly and CBA remains open to other options in the future,” they wrote.
“The CBA platform will be set up on a private blockchain, meaning that only participants who are authorised can access information. The private blockchain is a network of known and trusted parties.”
The project was launched to disrupt three key areas in global trade: operations, documentation and finance by enabling real-time updates and documentation on the location, condition, and authentication of goods through IoT devices.
“Since the expansion of globalisation, global supply chains have continued to become more complex. This project is unique as it looks to re-imagine how the supply chain communicates and shares information. Simple access to this information provides us with an ability to better utilise our assets and provide customers with better, more efficient services,” Gerhard Ziems, Chief Financial Officer, Pacific National said.
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