RATE Group | Commonwealth Bank of Australia Tests Ethereum Blockchain Supply System
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Commonwealth Bank of Australia Tests Ethereum Blockchain Supply System

30 Jul Commonwealth Bank of Australia Tests Ethereum Blockchain Supply System

Posted at 12:41h in Ethereum News by

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The Australian bank facilitated a shipment of 17 tonnes of almonds between Sunraysia and Hamburg by using Ethereum blockchain.

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Commonwealth Bank of Australia (CBA), which is one of the largest commercial banks in the country, has tested a new system based on the Ethereum blockchain. CBA has claimed successful facilitation of a shipment of 17 tonnes of almonds between Australia and Germany by using a trade-chain system, developed on the Ethereum blockchain, the bank said in press-release on Monday.

CBA facilitated all three key services in this type of trade deals–shipment operations, documentations and finance issues – by using the cryptocurrency technology. Developed as a distributed ledger technology (DLT), blockchain can reduce cost and speed up the transactions by automatically generating smart contracts. Moreover, the DLT brings transparency as it tracks all changes.

“We believe that blockchain can help our partners reduce the burden of administration on their…

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