Five companies in the Australian supply chain have used blockchain technology to ship 17 tons of almonds from Sunraysia, in the State of Victoria, in Australia, to Hamburg, in Germany.
The Commonwealth Bank of Australia (CBA) through a platform based on smart contracts and IoT (Internet of the Things) was able to follow the entire process, from start to the final delivery.
The trade revolution
The consequences on the production chain and during distribution, are immediate: a system that is agile, efficient, transparent and traceable at any time and in every phase.
The platform has digitized the three key areas of the distribution process: the actual operations (collection, loading, travel and unloading), the drafting stage and filling out the paperwork, and the part regarding the various financial transactions. All this on a specially developed blockchain.
In this way, all the participants in the experiment were able to monitor in real time the state of the goods, the conservation parameters (humidity, temperature) but also the location and controls (including administrative) to which the load was subjected. The participants had to be able to access the key documents related to the shipment (bills of lading, certificates of origin, etc. …) in order to present them to customs or during the various controls.
All this has made it possible not only to cut costs but also to cut delivery times to the benefit of the end consumer.
Chris Scougall, Managing Director of Industrial and Logistics in Client Coverage, of CBA, praises the process by saying:
“Our blockchain-enabled global trade platform experiment brought to life the idea of a modern global supply chain that is agile, efficient and transparent. We believe that blockchain can help our partners reduce the burden of administration on their businesses and enable them to deliver best-in-class services to their customers.”
Not only that, as Alex Toone, CBA’s Managing Director of Global Commodities and Trade, also stated
“By bringing together partners from across the end to end supply chain and developing a new platform underpinned by emerging technology, blockchain and IoT, we were able to prove a concept to modernise global trade.”
With the spread of globalization, shipping and distribution chains have become increasingly complex and costly, and this unique project allows to redesign the process and share information.
Sugar and blockchain
In Australia, the government has allocated 2.5 million Australian dollars to finance the Sustainable Sugar project led by the Queensland Cane Growers Organization (Canegrowers) which will make it possible, again through the use of a blockchain platform, to supply end consumers and the food industries with eco-sustainable sugar.
According to World Atlas, Australia is the third sugar exporter with 3.7 million tons, surpassed, in the Asia-Pacific area, only by Thailand with its 7.8 tons. For this reason, the sugar industry is one of the main pillars of the Australian economy with a value of about 1.75 billion Australian dollars.