‘Big 4’ Australian Bank Taps Ethereum’s Blockchain For A New 17-ton Shipment

We have already written about the value of blockchain in shipping. In a new global trade experiment, the major and ‘Big Four’ bank in Australia, the Commonwealth Bank of Australia (CBA) will rely on Ethereum’s blockchain when shipping 17 metric tonnes of almonds from Australia to Germany.

As the bank announced, the successful blockchain-powered shipment endeavor involved the bank and five Australian and international supply chain leaders yesterday. The system was developed by CBA – focusing on a private blockchain platform that is based atop the Ethereum network, allowing real-world global trade experiments with real-time tracking of the shipment from the packers and the origin in Victoria, Australia – straight to its delivery in Hamburg, Germany.

CBA explained that the purpose-built blockchain ‘digitizes three key areas of global trade’ pointing to the operations, documentation, and finance. All of the records of the ‘container information, completion of tasks and shipping documents’ will be recorded and shared on the decentralized ledger.

As the bank announced:

“Ethereum currently has the most development activity globally, and offers the functionality we require,” the bank explained before insisting it would be open to other options at a time when “other blockchains are developing rapidly.”

Internet of Things (IoT) was also part of the trade experiment – all in order to facilitate real-time tracking of the shipment and monitor storage conditions such as temperature and humidity inside the containers.

The managing director of CBA, Alex Toone, confirmed the news and stated:

“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 modernize global trade.”