An important bank has claimed a piece of New Zealand's export history, sending meat to Korea and tracking it with its new and sophisticated blockchain system.
ASB, a subsidiary of the Australian Commonwealth Bank, claims to have conducted the first "bank blockchain" operation in New Zealand. The exporter of kiwi meat Greenlea Premier Meats led the meat trade with a large Korean importer.
According to the press release (identified by local media), all relevant trade related documents could be uploaded, shared and updated within ASB's blockchain platform.
The bank's blockchain platform was used in parallel with the traditional exchange process, indicating that probably ASB did not trust enough to rely on its DLP (distributed ledger tech) technology, a wise move.
"We export to 40 different countries and the ability to use the ASB blockchain platform removes weaknesses and ensures data integrity," said Jack Vollebregt, a Greenlea executive. "We too in particular, as the ability to instantaneous translation that will limit any misunderstanding or human error that may arise from dealing with commercial activities in different countries and time zones. "
The idea is to use ASB's blockchain to reduce the time taken by local exporters to document the business process, reducing exposure to fraud and cyber security threats in the process.
ASB's parent company, Commonwealth Bank, has already entered the export game. He traced a load of Australian almonds with his blockchain platform at the start of this year.
An ASB partner pointed out that a standardized blockchain verification for the shipping sector could automate the maritime insurance sector, protecting local businesses from the risk of costly transit accidents.
Unfortunately, it seems there are absolutely not technical specifications of the ASB blockchain platform. Hard Fork has reached specific details on the basic technology it implements, but on the surface it appears to be another private licensed distributed registry system.
It seems that ASB will try to run the experiment again, as well as exchanges with other nations that import New Zealand meat. ASB says the next step is to use its blockchain to make an air exchange, and announce the participants in the coming weeks.
Published November 1, 2018 – 10:59 UTC