Commodity Smart Contracts
Great to see another step forwards in real world usage of blockchain -Aussie Bank’s 7000-Mile Blockchain Experiment Could Change Trade.
Commonwealth Bank of Australia, Wells Fargo and Brighann Cotton with this experiment are aiming to reduce the mountain of paper used to track commodity deliveries around the world
As port staff scan the bales, an update to an electronic contract will be triggered, transferring ownership of the goods and authorizing the release of payment. The deceptively-simple sounding process is only possible because digital-ledger technology encrypts and stores the parameters of the contract, ensuring all parties are working off the same synchronized version, which cannot be unilaterally altered or tampered with.
Its also interesting to see Maersk and IT University of Copenhagen undertaking an experiment with blockchain in the bills of lading space.