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The latest experience of the Commonwealth Bank on the Internet of Things (IoT) and blockchain technologies has successfully transported 17 tons of almonds from Victoria to Germany.
The experiment has digitized three areas of global trade: funding – by hosting information about containers, completing tasks and shipping documents on a blockchain.
This is the second international delivery of CBA, after a trial of overseas cotton shipping in conjunction with the US Wells Fargo Bank.
Like other financial institutions, the ABC is looking for incremental developments around technology to ensure that it is accounted for in the major developments of automated transaction technology rather than staying out of the way.
The almond test used four different IoT devices to monitor the conditions of the nuts during their journey across the globe, recording data on the humidity and temperature inside shipping containers on a private digital register based on the Ethereum. Chris Scougall, Director of Industries and Logistics, said that the experience has given life to the idea of a modern, efficient and transparent global supply chain.
The bank entered into a partnership with Olam Orchards Australia, Pacific National for rail transportation. Melbourne Port and OOCL Limited Shipping Operator for Project
LX Group, Australia-based IoT supplier, provided sensors, network and software to monitor Mildura's Hamburg shipment.
ABC partners for the project said the proof of concept could prove to be extremely beneficial to the global trade industry by streamlining the supply chain management "We believe that blockchain can help our partners reduce the administrative burden of their businesses and enable them to provide the best services to their customers," said
Emma Roberts, manager of the supply chain. supply chain, said the project presented new ways to increase the efficiency and transparency of the supply chain, which means that suppliers know that their product is always in good condition. Gerhard Ziems, chief financial officer of Pacific National, added that better communication throughout the supply chain will help combat the growing complications of globalization.
He adds that better access to information throughout the supply chain will move more than 145 million tons of goods, to better utilize its badets.
"Bringing together acr partners We have managed to come up with a concept for modernizing world trade," said Alex Toone, managing director of Global Commodities and Trade at ABC
. CBA said that by continuing to develop its blockchain platform, it could move away from Ethereum.
"Ethereum currently has the largest development activity in the world, and offers the functionality we need. However, other blockchains are growing rapidly and CBA remains open to other options in the future, "said the bank in a statement.
She added that this experiment left information potentially sensitive to all project partners.
"In a future business environment, access rights may be more restrictive, allowing participants to protect commercially sensitive information and restrict access to information. users only to relevant information. "
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