Sending Physical Products via Blockchain
It was not a very long time ago when the Blockchain was just a glimmer in a Satoshi Nakamoto’s eye right before it launched the transformational decentralized digital currency named the Bitcoin. And right after many successful years of testing, all the way through millions, if not billions of transactions through it around and across the globe, and it appears the mainstream is quite impressed enough to make it jump right into its waters.
The latest exemplar is a new venture right between the Wells Fargo Bank and the Commonwealth Bank of Australia that is utilizing the Blockchain technology at this very moment. This particular joint venture was sending physical goods all across and around the globe together with some of the smart contact that is thrown in for great measure as based with the Bloomberg. And it seems that the maiden voyage of this new use of the Bitcoin’s innovative Blockchain technology has already just begun. And a ship had already left Houston, Texas and heading for Qingdao, China carrying with 88 bales of cotton. And there are not just any other ‘ole bales of cotton. The $35,000 US Dollars worth of Brigham cotton will be the initial test run of a new means of doing the global trade finance. And we all knew that in about the summation of over two weeks if the eagle has already landed right on a Blockchain.
These bales will be duly scanned in by the port staffs as the usual measures, but this at this period it will trigger the smart contact to authorize the payments right for these bales all the way through an entry right on the Blockchain. And there will be no paper trail at this time. Plus there will be no human hands that are manually performing these particular confirmation functions. And if this is successful, the old means of doing the business may prove to be obsolete then. Jonathan Perkinson, who leads the Deloitte’s global Blockchain initiative right in Sydney, Australia, said that “Completely the trade finance is going to move this way,” and he also adds up that, “And the real deal becomes on how fast the sector can align right into one solution.” And we are talking about the figures of $4,000,000,000,000 (four trillion US Dollars) right in the global trade business that may certainly get an overhaul right in the few following years. And this is all thanks to the Bitcoin’s Blockchain technology that is being copied and co-opted rapidly than the 12.5 bitcoins that can be mined. The major frauds and the thefts right in this particular industry have forced the big players to search for a better way forward in which is where the Bitcoin and its technology have always been waiting right for the mainstream adoption possibilities.
And these new venture is proven to be not a lone wolf in this line when it comes right into integrating the Blockchain technology with the mainstream world of the physical be improved and services transfer. The IBM and the Walmart have also proclaimed that a partnership where the food shipment, food safety, and the cost-efficiency will significantly improved by using the Blockchain technology right in the Walmart stores in China. The Blockchain will supervise and also protect the important data similarly to the farm origin, the expiration dates, the storage temperatures and much more. And these certain pieces of the data will be fully secured right in a Blockchain and not to be changed or be being altered at the same time.The Head of Transactions at the Commonwealth Bank, Michael Eidel mentioned that “We strive to remain at the forefront of the disruptive technologies to be able to fully understand on how they can be utilized to enable a greater weight of efficiencies and also solve the real world challenges that our customers were facing.” To be able to support his first statement he also said that, “The interplay right between the Blockchain, the smart contacts and the internet of the things is a noteworthy progress right towards the revolutionizing trade transactions that could deliver considerable benefits throughout the global supply chain. And the trade finance is one of the major clunky processes right in the business. And it is certainly ripe for disruption.”