RATE Group | Australian Bank Utilizes Ethereum for Cross-Border Shipments
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Australian Bank Utilizes Ethereum for Cross-Border Shipments

31 Jul Australian Bank Utilizes Ethereum for Cross-Border Shipments

Posted at 23:14h in Ethereum News by

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A 17-ton, cross-border container of almonds was successfully transported from Australia to Germany utilizing the Ethereum blockchain, in a collaborative move between Commonwealth Bank of Australia (CBA) and five logistics organizations.

Augmenting Shipping Systems

The development represented one of the first instances of a state-backed shipment facilitating using blockchain technology. Apart from the growing technology, the indigenous platform was underpinned by smart contracts and an internet-of-things (IoT) protocol, as stated in the CBA’s official post.

The logistical trial served as a litmus test to prove a blockchain-based, global trade platform that builds an agile, efficient, and transparent shipping industry. Apart from eliminating intermediaries, bank authorities believe the platform reduces paperwork and legal formalities for businesses, making the shipping process significantly faster.

Closely representing a worldwide computer network, the platform’s nodes were present…

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