Today Commonwealth Bank of Australia (CBA) announced the completion of a
blockchain trial. The test involved tracking seventeen tonnes of almonds from Victoria in Australia to Hamburg.
The focus wasn’t purely on
trade finance. Partners could track the shipment including the temperature and humidity inside the container provided by IoT devices. That said, the level of detail is useful for providing insurance.
The test involved digitizing the operations, documentation, and finance. The system used a blockchain to track container information, task completion, and shipping documentation. Those documents included bills of lading, certificates of origin and other customs documents.
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