The new blockchain platform, underpinned by distributed ledger technology, smart contracts, and the Internet of Things, was used to facilitate the trade experiment that saw 17 tonnes of almonds sent from Sunraysia in Victoria, Australia, to Hamburg in Germany.
In partnership with Olam Orchards Australia, Pacific National for rail haulage, Port of Melbourne, stevedore Patrick Terminals, and shipping carrier OOCL Limited, The Commonwealth Bank of Australias blockchain platform was used to track the shipment from packer to end delivery, in parallel to existing processes.
Hardware and software support was provided by Australian IoT provider LX Group to ship the almonds from Mildura to the global hub of Hamburg. According to the bank, the platform digitises the operations, documentation, and finance areas of global trade by housing the container information, completion of tasks, and shipping documents.
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