Commonwealth Bank of Australia (CBA) has successfully tested the usage of blockchain technology for supply chain management.
Blockchain was used to trace the 17 ton shipment of almond from Victoria to Hamburg.
To achieve this bank partnered with Olam Orchards Australia, agricultural manufacturer, Pacific National, railroad operator, OOCL Limited, shipping carrier and LX group, software provider.
During transportation the bank used an Ethereum-based blockchain platform, as well as smart contracts and Internet of Things technology.
CBA team said that thanks to distributed registry technology partners could easily track the cargo location and also had access to all the documentation required by customs.
Blockchain solution also stored all the financial operations report. They say that blockchain helped to greatly easen the whole transportation process.