Trade
Commonwealth Bank Ships and Tracks 17 Tonnes of Almond to Europe
Ethereum Network Hosts the Successful Trade Experiment
According to the today’s official announcement on the Commonwealth Bank (CBA) website, the financial institution, in collaboration with five Australian and international supply chain leaders, shipped and successfully tracked seventeen tonnes of almonds Sunraysia in Victoria, Australia, to Hamburg in Germany, using the Ethereum Blockchain.
Blockchain Technology to Revolutionise the Supply-Chains
Commonwealth Bank exhibited a new blockchain platform, supported by distributed ledger technology, smart contracts, and the internet of things (IoT) to expedite the trade experiment, tracking the shipment from packer to the end consumer, along with all the previously existing processes.
“Our blockchain-enabled global trade platform experiment brought to life the idea of a modern global supply chain that is agile, efficient and transparent,” described Chris Scougall, Managing Director of Industrials and Logistics in Client Coverage, CBA.
“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,” he stated.
The List of Partners is Formidable
The official statement confirmed that Commonwealth Bank partnered with global agriculture player Olam Orchards Australia Pty Ltd, Pacific National for rail haulage, port landlord Port of Melbourne, docker Patrick Terminals, and shipping carrier OOCL Limited, as the part of the experiment, while the Australian IoT provider LX Group provided hardware and software support to ship the goods from Mildura to Hamburg.
“By bringing together partners from across the end to end supply chain and developing a new platform underpinned by emerging technology, the blockchain, and IoT, we were able to prove a concept to modernise global trade,” said Alex Toone, CBA Managing Director of Global Commodities and Trade.
Highly functional track and trace system enabled partners to find the location of the shipment at will, as well as view the conditions, such as temperature and humidity inside the container, through four IoT devices, thus providing partners throughout the supply chain with a higher level of transparency and efficiency regarding the location, condition, and authentication of transported goods.
The Supply Chain Manager at Olam Orchards Australia Pty Ltd, Emma Roberts said: “Trade inefficiency can be extremely detrimental to our business. It is vital that as an industry, we look at emerging technology for ways to enhance the supply chain to develop a more transparent and efficient platform. This project has shown that through collaboration from all parts of the supply chain that this can be achieved.”
Ethereum – Because it Has the Most Development Activity
The purpose-built blockchain, based on the Ethereum technology can process all three key segments of today’s global trade – operations, documentation, and finance.
Regarding the usage of the Ethereum technology, the CBA stated that they used it in this experimental project because Ethereum currently has the most development activity globally, and offers all the functionalities they required for their system.
“However, other blockchains are developing rapidly, and Commonwealth Bank remains open to other options in the future,” the official announcement concluded.
Related post:
CrimsonLogic Launches Government-Backed Blockchain Trading Platform
I am really happy to glance at this blog posts which carries tons ofvaluable data, thanks for providing such statistics.
I have noticed that smart real estate agents all over the place are warming up to FSBO ***********. They are acknowledging that it’s not just placing a sign post in the front property. It’s really with regards to building associations with these suppliers who sooner or later will become customers. So, if you give your time and effort to helping these suppliers go it alone — the “Law regarding Reciprocity” kicks in. Interesting blog post.
I am so grateful for your article post.Much thanks again. Great.
Some genuinely wonderful content on this website , thanks for contribution.
Looking forward to reading more. Great blog article.Much thanks again.
Revolutionizing Conversational AI
ChatGPT is a groundbreaking conversational AI model that boasts open-domain capability, adaptability, and impressive language fluency. Its training process involves pre-training and fine-tuning, refining its behavior and aligning it with human-like conversational norms. Built on transformer networks, ChatGPT’s architecture enables it to generate coherent and contextually appropriate responses. With diverse applications in customer support, content creation, education, information retrieval, and personal assistants, ChatGPT is transforming the conversational AI landscape.
Hi there! I know this is somewhat off topic but I was wondering if you knew where I could get a captcha plugin for my comment form? I’m using the same blog platform as yours and I’m having trouble finding one? Thanks a lot!
Thanks for the publish. My spouse and i have usually seen that most people are desirous to lose weight simply because wish to show up slim and attractive. Having said that, they do not continually realize that there are many benefits for losing weight in addition. Doctors assert that overweight people are afflicted with a variety of disorders that can be directly attributed to the excess weight. The great news is that people who definitely are overweight along with suffering from diverse diseases can help to eliminate the severity of their particular illnesses simply by losing weight. It’s possible to see a constant but noticeable improvement with health while even a small amount of weight reduction is accomplished.
Thẳng đá Bóng Thời Điểm Hôm Naylịch thi đấu king’s cup 2019Nếu cứ đùa như cơ hội vừa tiêu diệt Everton tới 3-1 trên sân khách hàng
Good write-up, I am regular visitor of one’s site, maintain up the nice operate, and It is going to be a regular visitor for a lengthy time.