The Commonwealth Bank of Australia (CBA) has announced that it has successfully shipped 17 tons of almonds from Sunraysia to Hamburg, Germany using a newly-developed blockchain platform. This live trial has demonstrated the usefulness of blockchain technology in international supply chains by tracking the almonds every step of the way from packing in Australia to delivery in Germany.
The managing director of Industrial and Logistics at CBA, Chris Scougall, says, “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.”
This blockchain trial was a coordinated effort between the CBA, Olam Orchards which provided the almonds, Pacific National which provided rail transport, the Port of Melbourne, Patrick Terminals, OOCL Limited which provided shipping, and LX Group which provided technical support.
The blockchain stored documentation, finance information, and operations information. As the shipment passed through various countries, customs documents were uploaded and could be viewed by all the parties involved. The location of the shipment could be tracked at all times, as well as temperature and humidity inside the shipment which was measured by instruments connected to the internet of things (IoT). Overall, the blockchain platform provided full transparency to the supplier and consumer, so they could see that the shipment was authentic and the goods were in optimal conditions at all times, and if there were any problems along the way they would know about it.
The blockchain is inherently cryptographically secure and immutable, so people who use this supply chain blockchain know the data is trustworthy. The data can be used to make the supply chain shorter and stronger in the future, making their enterprises more profitable.
Chief commercial officer at Patrick Terminals, Ashley Dinning, says, “We are always looking for ways to innovate and drive better results. This project has provided a heightened level of transparency, enabling us to explore further efficiencies for our business, such as improving yard management.”
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