According to foreign media reports, the Commonwealth Bank of Australia (CBA) has successfully completed a new blockchain power trade experiment on a global scale. The bank confirmed that it tracked a batch of 17 tons of almonds using a private blockchain built on the Ethereum network.
The use of blockchain allows the tracking of goods from its source, Sunraysia, Victoria, Australia, and the place of delivery in Hamburg, Germany. According to the announcement, CBA partners can check the location, temperature, humidity and other indicators of the goods in real time at any point in time.
"Our blockchain supports the global trade platform experiment to realize the flexible, efficient and transparent concept of modern global supply chains," said CBA executive Chris Scougall. "We believe that blockchain can help our partners reduce their business management burden and enable them to provide first-class services to their customers."
In 2016, CBA, Wells Fargo and Brighann Cotton successfully completed the first inter-bank transaction that used blockchain and smart contracts and the Internet of Things. As CBA continues to focus on technology development and continued investment in blockchain, we are likely to see them develop more use cases in the future.
Despite the success of this experiment, CBA has not yet launched the technology for use in other countries around the world. CBA claims that participating nodes are placed at many strategic points throughout the supply chain, but it does not accurately explain how the nodes operate-or what happens if a node fails. Currently the system is running on Ethereum, we still don't know how much it costs to record tracking data in the system.
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