The CBA (Commonwealth Bank of Australia) is pursuing an experiment around the tracking of shipments using Blockchain technology.
The corporation is grooming a sophisticated new platform, built on blockchain and enhanced with the use of Internet of Things(IoT) and distributed ledger technology. The experiment oversaw a large number of almond nuts shipped from Australia to Germany. The technological groundwork for the vast shipment was supplied by the LX Group, an Australian IoT corporation.
CBA’s blockchain platform successfully tracked the shipment from the initial packing stage to the end-stage delivery, paralleling all existing procedures.
Commenting on the incident, Chris Scougall, a managing director in the financial institution, said: “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.”
The bank underlined its various partners that were also able to track the shipment across multiple stages of the shipment. The corporation believes that such a blockchain-enhanced trade supply would allow trading partners to access and upload vital documents such as certificates, bills and other customs-related documents. Under this new platform, the paper-work behind these processes would be more organized and streamlined.
“This level of data provided partners in the supply chain with a greater level of transparency and efficiency regarding the location, condition, and authentication of the goods being transported,” CBA revealed in a statement.
The bank views this experiment as a cornerstone in advancing its operation procedure in countless areas from documentation and finance into a more digitized and sophisticated era.
CBA also announced a simultaneous blockchain procedure that was soon to hit the market, developed in partnership with South African company TymeDigital.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]