Almonds, nutritious to health and is a well-grown product in Australia has been shipped to Germany through the transparent and efficient blockchain technology. The transaction and shipment were successful through Blockchain thanks to the Commonwealth Bank of Australia (CBA) and the help of five other supply chain partners.
The supply chain partners included Olam Orchards Australia, Pacific National for rail haulage, port landlord Port of Melbourne, Stevedore Patrick Terminals and shipping carrier OOCL Limited.
Global trade involves three important features which need to be well looked after. These are operations, documentation and finance. Operations such as the monitoring of temperature and humidity which almonds are sensitive to were helped through blockchain. Documentation such as the bill of lading and certificates of origin was also stored and accessed through blockchain. While the financial transactions became easier through smart contracts of blockchain.
The press release also highlighted the need of blockchain by stating “This level of data provided partners in the supply chain with a greater level of transparency and efficiency regarding the location, condition and authentication of the goods being transported.”
Emma Roberts, a supply chain manager at Olam Orchards, praised the new technology by saying,
Trade inefficiency can be extremely detrimental to our business. It is vital that as an industry, we look at emerging technology for ways to enhance the supply chain to develop a more transparent and efficient platform.
The managing director of logistics at CBA also spoke about blockchain,
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.
The news has spread like wildfire and will help Australia accomplish itself as a leader in almond exports.
The Department of Trade, Tourism and Investment of South Australia had even tweeted about new varieties of almonds being developed in the University of Adelaide which will be traded throughout the world.
Six new almond varieties have been developed at the University of Adelaide in South Australia that are set to make their mark across the globe as growers look for ways to combat the danger of declining bee colonies. https://t.co/GoIJC5ofTe #foodandagriculture #southaust #adelaide
— Trade, Tourism and Investment – South Australia (@TTISouthAust) July 30, 2018
It looks like new varieties of almonds along with new technologies like blockchain will help Australia in their international trading capabilities around the world!
The first time a global transaction occurred through blockchain was when CBA and Wells Fargo worked with each other in 2016.