"The transaction, which took place between Brighann Cotton US and Brighann Cotton Marketing Australia, and their respective banks Wells Fargo and Commonwealth Bank, involved a shipment of 88 bales of cotton from Texas, USA to Qingdao, China.
The trade involved the letter of credit being executed through a digital smart contract stored on a private distributed ledger – using Skuchain's Brackets system……"
….The use of blockchain technology creates greater transparency between buyers and sellers as shipments are tracked in real-time, improves security, and reduces the risk of fraud because the ledger cannot be tampered with, according to Commonwealth Bank.
Commonwealth Bank also said the advancement from paper ledgers and manual processes to electronic trackers on a distributed ledger will reduce errors and accomplish in minutes what used to take days, ultimately saving costs.
"This proof of concept demonstrates how companies around the world could benefit from these emerging technologies," said Michael Eidel, executive general manager of Commonwealth Bank's Cash-flow and Transaction Services.
"The interplay between blockchain, smart contracts, and the Internet of Things is a significant development towards revolutionising trade transactions that could deliver considerable benefits throughout the global supply chain."
https://www.zdnet.com/article/commonwealth-bank-and-wells-fargo-claim-first-interbank-blockchain-trade/
https://www.zdnet.com/article/commonwealth-bank-and-wells-fargo-claim-first-interbank-blockchain-trade/
Commonwealth Bank and Wells Fargo claim first interbank blockchain trade
The first interbank trade transaction combining blockchain technology, smart contracts, and the Internet of Things has been executed by Commonwealth Bank, Wells Fargo, and Brighann Cotton.
Tas Bindi
By Tas Bindi | October 23, 2016 – 23:41 GMT (16:41 PDT) | Topic: Banking
additional graphics added by anon