Commonwealth Bank of Australia (CBA) has collaborated with a group of Australian and international supply chain leaders to ship 17 tonnes of almonds from Victoria, Australia to Hamburg, Germany through a new blockchain platform.
CBA teamed up with ocean carrier Orient Overseas Container Line (OOCL), the Port of Melbourne, container terminal operator Patrick Terminals, rail freight business Pacific National and agricultural company Olam Orchards Australia to view and track the shipment.
The parties also checked the conditions, including the temperature and humidity, inside the container using four internet of things (IoT) devices.
The blockchain platform digitizes three areas of global trade – operations, documentation and finance – by storing the information on distributed ledger technology.
The documentation layer allows partners to upload and access key documents, such as bill of lading, certificates of origin and other customs paperwork.
Speaking about the project, 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.”
Melissa Poon, General Manager for Trade and Development at the Port of Melbourne, commented about how blockchain can improve trade and streamline the supply chain: “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.”