Global TradeSmart Contracts

Blockchain Testing Underway for Global Trade Transaction

Commonwealth Bank of Australia, Wells Fargo and Brighann Cotton have undertaken a mission to complete a global trade transaction between two independent banks, combining blockchain technology, smart contracts and Internet of Things. The transaction involved a shipment of cotton from Texas, USA to Qingdao, China, using a distributed ledger – Skuchain’s Brackets system – to track and manage the cargo for all parties.

Cameron Austin, General Manager of Brighann Marketing Inc, said: “The combination of these emerging technologies could eliminate many inefficiencies currently experienced in international trade. The benefits of lower costs and improvements to security through reduction of errors, risk and time, enable a company to achieve greater efficiency and have more predictable working capital.”

 

READ MORE OF THE ARTICLE AT CHAIN-FINANCE.COM

Based near Windsor, England, Matthew Warner is an enthusiast for innovative, cutting edge technologies. He is a B.Eng. graduate in engineering with honors from the University of Warwick and also holds an PGCE in education degree. Matthew is a member of Mensa.
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