The Commonwealth Bank of Australia (CBA) made an announcement on 30th July 2018, reporting that it had utilized its new blockchain network to successfully complete a trade in almonds. This particular trade involved five key players in the supply chain industry, both local and global and the blockchain technology was used for tracking a shipment of almonds weighing roughly 17 tons, moving from Melbourne in Australia to Hamburg in Germany. The blockchain network that coordinates the different facets of the supply chain system has several allied technologies lying at its core. Internet of Things (IoT), the Distributed Ledger Technology (DLT), and Smart Contracts are some of the elements that are at the heart of the blockchain network being used.
According to the press release dated 30th July, the platform seeks to digitise three main aspects of international trade, namely; operations, finance, and documentation. In order to do so, the platform will store the information about the container, status of task completion, record of all documents related to shipping among others on a blockchain, which is purpose-built for this. The humidity and temperature details of the containers and the contents thereof can also be monitored by users via four devices operating on the IoT. This move is hardly a shocker since recent times have been seeing the trend of adopting blockchain solutions increasingly in different industries and sectors, especially in those that require substantial logistical functions and/or have complex supply chains. Earlier giants like Boeing and Accenture have undertaken efforts to harness the potential of this nascent but revolutionary technology to boost cost-effectiveness, bolster security and bring down the total time required for any operation supported over blockchain.
The Commonwealth Bank of Australia had been joined in this initiative by the Olam Orchards Australia Pvt. Ltd., the Port of Melbourne as the concerned port authority, the Pacific National for carriage over railways, shipping carrier OOCL Ltd as well as Patric Terminals for carrying out the work of loading and unloading.
Interestingly, earlier this year in May, the former Chief Financial Officer of the Bank, Rob Jesudason resigned from his post in order to take up the designation of Chief Operating Officer in Block One, the firm which controls the EOS token even as CBA continued to get flak for its doubtful adherence to terrorism financing and anti-laundering legislation.