Australian financial conglomerate Commonwealth Bank of Australia (CBA) has successfully tested blockchain technology for supply chain management. This is written by ZdNet.
In the experiment, the blockchain was used to track the supply of 17 tons of almonds from Victoria to Hamburg.
The partners of the Bank were the manufacturer of agricultural products Olam Orchards Australia, responsible for the transportation of goods railway operator Pacific National and shipping carrier OOCL Limited, as well as the supplier of hardware and software LX Group.
During the transportation, the Bank used the Ethereum-based blockchain platform, Internet of things technology, as well as smart contracts.
The CBA team stated that thanks to the distributed registry technology, the partners were able to track the location of the cargo, as well as have access to all the necessary documents required by customs. The blockchain also stored information about financial transactions.
CBA noted that the technology has greatly helped to simplify the whole process.
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