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The five companies involved in the trial were Olam Orchards Australia, as almond producer ; Pacific National, for rail transport; the port of Melbourne; the longshoreman Patrick Terminals and the carrier OOCL Limited.
Operating cost relief
Chris Scougall, executive director of industry and logistics for the bank's customer base, said after testing that blockchain technology could international trade as it would reduce costs and serve as a platform to provide better services to customers on a global scale.
"Our global trade experience with blockchain has given life to a modern, agile, efficient and transparent supply chain.We believe that the blockchain can help our partners to ease the management burden their businesses and enable them to offer better services to their customers. "
The bank explains that it decided to employ Ethereum further development in the world and offers the functionality we need.However, other blockchain are developing rapidly, so the bank remains open to other options in the future. "
Although many banks are feel threatened by the financial services that new technologies may offer associated with cryptoactives, there are important entities who believe that these platforms can be adopted to constr bridges to decentralized processes and transparency.
The case of this Australian bank is not the only one to announce approaches with technologies like blockchain. Recently, the Bank of England announced that it wanted to optimize its payment system through this system. The entity said it wants to "connect with Fintech companies and protect themselves from cyberattacks".
The Central Bank of Argentina also revealed in June that it wanted to know more about distributed accounting technology (DLT) and cryptocurrencies. . The institution called book suppliers to update knowledge in this disruptive field.
Featured image by Tierney / stock.adobe.com
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