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A Blockchain First: Australia’s Bank Exports Almonds to Europe

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The Commonwealth Bank of Australia (CBA) has shipped 17 tons of almonds to Hamburg, Germany by using blockchain technology. According to the announcement published by the CBA today, from the shipment to the delivery, each move was processed on an Internet of Things (IoT) and blockchain-based platform.

CBA’s Managing Director of Industrials and Logistics in Client Coverage, Chris Scougall, explained that this new platform is transparent and reliable. “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,” said Scougall.

Some companies that helped CBA to complete the trade successfully included Olam Orchards Australia Pty Ltd, Pacific National, Port of Melbourne, Patrick Terminals, OOCL Limited and LX Group.

The Managing Director of Global Commodities and Trade at CBA, Alex Toone, 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.”

IoT devices constantly transferred live data from the shipment to these companies. Emma Roberts, Olam Orchards Australia Pty Ltd’s Supply Chain Manager, explained that inefficient data can cause a variety of problems while trading goods and services. In order to ensure that the supply chain industry improves, new technologies must be tested from time to time.

The Port of Melbourne’s General Manager for Trade and Development, Melissa Poon, said, “Emerging blockchain technology creates the potential for multi-beneficial productivity gains to Australia’s supply-chain. Through understanding volume loads and shipments coming down the supply chain, we are able to prepare strategies to meet the trade demands of the future. We are excited to be involved in such a ground-breaking project.” The CBA has previously worked with US bank Wells Fargo to complete a trade using blockchain technology.

Image Credit: Deposit Photos

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