Business Tech World

Australian Bank Welcomes Ethereum Blockchain

Interesting news has come up from Australia stating that the Commonwealth Bank of Australia has collaborated with 5 logistics organization to manage the transportation of 17-tons of Almonds to Germany from Australia. Now, what is interesting here is that this transport happened using the Ethereum’s blockchain technology.

Blockchain & Shipping Industry? What exactly this means? 

Blockchain technology has been in news for making its way up the ladder to all the industry across the world. Recently, the news of it being used in the international shipment facility came out when Australia managed to implement Ethereum’s blockchain technology to transport 17-tons of almonds to Germany. The blockchain is still a growing technology and there is a huge scope in this. This platform actually uses smart contracts as an IoT protocol.

As per the latest events, Australia just tested this technology in the transportation industry. This trial they conducted in implementing blockchain technology in the transport industry tested the technology for its speed, transparency, and efficiency.

Blockchain technology offers great improvements to the bank’s existing business practices by eliminating the heavy paperwork and all the legal formalities boosting the shipping process.

Whats the implementation process that Australian Bank used for introducing Etehreum’s Blockchain technology to transport? 

As per the information on this trial, the platform’s node was implemented on every logistical checkpoint that the shipment was to pass through including several ports as well as the train connection. In simple words, all the components necessary for the supply chain including legal documentation, operations, and finances.

Blockchain Technology revolutionizing the shipment Industry

The shipment was completely transparent as it allowed all the participants to track the exact location of the shipment while receiving the relevant information in real time including the temperature and humidity of the container. The container containing almonds had four IoT devices inside it that were responsible to record and send the information.

This is how the blockchain technology was implemented and tested by the Australian bank in shipping 17 tons of almonds to Germany. This test went successfully hence, marking one another win for the blockchain technology. The advancement speed of this technology across several industries have been going really well and the new success of it being implemented in international transport has definitely made its place in the shipping industry.

We just hope that blockchain technology keeps progressing and improving the operation of each industry it is getting introduced in.

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