RATE Group | Australian ‘Big 4’ Bank Taps Ethereum Blockchain for 17-Ton Almond Shipment to Germany
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Australian ‘Big 4’ Bank Taps Ethereum Blockchain for 17-Ton Almond Shipment to Germany

31 Jul Australian ‘Big 4’ Bank Taps Ethereum Blockchain for 17-Ton Almond Shipment to Germany

Posted at 11:02h in Ethereum News by

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The Commonwealth Bank of Australia (CBA) has announced the successful completion of a global trade experiment involving a shipment of 17 metric tonnes of almonds from Australia to Germany using blockchain tech.

The CBA, one of Australia’s so-called “Big Four” banks, announced the successful blockchain-powered shipment of the international trade endeavor involving the bank and five Australian and international supply chain leaders on Monday.

Specifically, the CBA developed a private blockchain platform based atop the Ethereum network to facilitate the real-world global trade experiment which included real-time tracking of the shipment from the packer and the originating shipment in Victoria, Australia, to its delivery in Hamburg, Germany.

The purpose-built blockchain fundamentally ‘digitizes three key areas of global trade’, the CBA explained, pointing to operations, documentation, and finance wherein all records of the ‘container information, completion of tasks…

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