The blockchain technology as of now has increased efficiency, induced higher forms of security, raised standards in terms of data encryption and used in a variety of sectors to offer better services. The usage of this technology is vastly practiced to deliver financial technology services which are also termed as fintech. Apart from that, the growing understanding of the technology has invited various other fields to incorporate blockchains in their business.
Recently, CBA (The Commonwealth Bank of Australia) declared the completion of one of their assignments that operated over the blockchain technology. A cross-border shipment was able to be tracked live in the supply chain after the incorporation and implementation of blockchain technology.
The multinational player listed as one of Australia’s ‘Top 4 biggest banks of Australia’ on Monday revealed that 37,000 pounds of almonds were exported from Australia to Germany. Throughout the journey, the shipment was tracked with the help of a platform enabling private blockchain that was developed and constructed by the bank itself on the top of the Ethereum network.
The additional nodes of the system of the blockchain comprised of all key parties distributed among the supply chain. It even tried to include maximum sectors that could make well use of the tracking information. The distribution of nodes took part between Olam Orchards the agriculture producer, Patrick Terminals the logistic carriers and port operator and lastly the Port of Melbourne.
The bank added that the blockchain based platform is even used as information storeroom as details like count of containers, documents, along with all financial transactions on the distributed network are stored in the form of data. With the help of this, all different partners can view as well as track the details of the shipment in real time.
Along with shipment’s status, relative information like temperature and humidity of the containers is also reported to this distribution channel in the supply chain.
The bank in the official press release mentioned “The standard of information that is been provided to distributors among supply chain has increased the transparency and efficiency by manifolds. The information accessing is so detailed and helpful and can be applicable at every point regardless of the location, formation or position of goods being transported.”
Emma Roberts, supply chain manager of Olam Orchards added her view to the announcement, “Any factor that fuels inefficiency in trades can be harmful to our business. It is imperative that to overcome challenges in our enterprise we rely upon emerging technology to enhance our systems and processes and enable a more reliable and transparent platform.”
The updates from the bank reveal their previous work where they tested a blockchain system enabling real-time tracking of a cotton cross-border shipment partnering with Wells Fargo. The bank is also planning to move ahead with the technology as last year the bank revealed a plan to issue a bond over a blockchain system.
The bank has always been pushing and striving for technological advancements to enhance their processes and the blockchain adaptation is a part of its growth. The major player earlier in 2017 revealed that it aims to spend around $1 billion for technology advancements that also includes consistent spending on the blockchain.