Bloomberg Technology: Aussie Bank’s 7000-Mile Blockchain Experiment Could Change Trade

10/24/2016

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October 23rd, 2016| BY: Emily Cadman

 

When the Marie Schulte rounds the breakwater off the Chinese port of Qingdao in early November, bankers on two continents will be watching anxiously.

In particular, they’ll be focused on 88 bales of cotton worth approximately $35,000 that the container vessel is carrying — not because of the value of the goods, but because of the technology attached to the shipment.

Unloading the goods at the end of their 7,000-mile journey from Houston will mark the final stage of an experiment by Commonwealth Bank of Australia, Wells Fargo & Co. and the trading firm Brighann Cotton to prove for the first time that the combination of much-hyped technologies — blockchain and smart contracts — can deliver real-world benefits.

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