Commonwealth Bank has demonstrated a new blockchain platform underpinned by distributed ledger technology, smart contracts and the internet of things (IoT) to re-configure the sharing of information across global supply chains.
CBA partnered with global agriculture player Olam Orchards Australia Pty Ltd, Pacific National for rail haulage, port landlord Port of Melbourne, stevedore Patrick Terminals, shipping carrier OOCL Limited and IoT provider LX Group to track and deliver on the shipment of seventeen tonnes of Almonds between Sunraysia in Victoria, Australia, to Hamburg in Germany.
Partners were able to view and monitor the location of the shipment as well as view the conditions, such as temperature and humidity inside the container, via four IoT devices.
At the documentation layer, the blockchain-enabled supply chain allowed partners to upload and access key documents, such as bill of lading, certificates of origin and other documents required by customs.
Melissa Poon, general manager for trade and development at the Port of Melbourne, says: “Emerging blockchain technology creates the potential for multi-beneficial productivity gains to Australia’s supply-chain. Through understanding volume loads and shipments coming down the supply chain, we are able to prepare strategies to meet the trade demands of the future. We are excited to be involved in such a ground-breaking project.”
The latest test run in the evolving project follows on from a collaboration between CBA and Wells Fargo in 2016 which entailed a DLT-based interbank open account transaction on a shipment of cotton from Texas, USA to Qingdao, China.