First Shipment Delivered via Blockchain

Commonwealth Bank has opened a new era after successfully shipping seventeen tonnes of almonds from Sunraysia, Australia, to Hamburg, Germany via blockchain.

A raft of supply chain experts were also involved in the delivery which saw the utilization of digital distributed ledger technology, smart contracts and the internet of things (IoT) to complete the transaction.

Chris Scougall, Managing Director of Industrials and Logistics in Client Coverage, Commonwealth Bank Australia (CBA) said: “Our blockchain-enabled global trade platform experiment brought to life the idea of a modern global supply chain that is agile, efficient and transparent.

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“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.”

Alex Toone, CBA Managing Director of Global Commodities and Trade, said: “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 modernise global trade.”

Blockchain promises to offer the supply chain paperless, efficient operations as well as the opportunity for truly meaningful collaboration, as individual players along the chain can securely use the technology without sharing data to competitors, yet the benefits of utilizing shared data are still utilised.

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