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Why blockchain is gaining momentum in business

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This week signalled yet another milestone in Australia made possible by blockchain technology. The Commonwealth Bank and its partners successfully shipped and tracked 17 tonnes of almonds from Australia to Germany in a private blockchain trial.

Rail operator Pacific National, agriculture leader Olam Orchards Australia, stevedore Patrick Terminals, shipping carrier OOCL, internet of things provider LX Group and the Port of Melbourne completed the trade experiment from Victoria to Hamburg.

But what exactly happened for the trial to be hailed a success?

It digitised three critical areas of global trade any supply chain would be familiar with – operations, documentation and finance. The private, purpose-built blockchain housed all container information, tasks completed and shipping documents.

All participants cited improvements in transparency and communication as major advantages of using blockchain.

Imagine going from searching through copious amounts of paper for an invoice to executing a simple keyword search in your browser – that was how significant the benefits were.

As Patrick Terminals chief commercial officer, Ashley Dinning, said: “We are always looking for ways to innovate and drive better results. This project has provided a heightened level of transparency, enabling us to explore further efficiencies for our business, such as improving yard management”.

Australia’s finance industry is one of the first to recognise blockchain’s potential. Back in 2015, ANZ Bank joined tech giants and financial institutions to explore how the technology could replace the traditional money transfer system and reap other benefits in a project dubbed Hyperledger.

 

In another example, HSBC Australia is using Moneycatcha’s Regchain risk review tool to create an immutable source of data which both the bank and regulators can access securely and in real-time.

We’ve witnessed more blockchain workings in other industries.

In agri-tech, Adelaide startup T-Prov uses blockchain technology to track mangoes as they make their way through each step of the supply chain process – using sensors and other tracking technology to record their travel from farm to supermarket. It’s solving an industry problem for farmers by creating clear visibility around where produce becomes damaged and therefore helps to identify issues and enable companies to fix them when it comes to transportation and storage.

KPMG and Microsoft have developed KrisPay, a digital wallet for Singapore Airlines’ frequent flyer members to turn travel miles into digital currency.

Members can purchase items such as food and beverage, and beauty products at the airline’s 18 partner merchants in Singapore for starters.

Singapore Airlines owns the private, permission-based KrisPay blockchain and only merchants/partners on the network can transact on it.

One of the world’s most famous diamond companies, The De Beers Group, tracked 100 high-value diamonds from miner to retailer using blockchain.

“An immutable and secure digital trail was created for a selection of rough diamonds mined by De Beers as they moved from the mine to cutter and polisher, then through to a jeweller,” the company said in a statement.

De Beers worked with diamond manufacturers Diacore, Diarough, KGK Group, Rosy Blue NV and Venus Jewel to develop the blockchain platform, dubbed Tracr.

De Beers aims to make Tracr available to the rest of the industry by end 2018.

Christie’s auction house has rallied technologists, art experts, entrepreneurs, financiers and lawyers together to investigate how blockchain could improve their business by hosting all data about an object or artwork and reduce human error.

“Property titles and full provenance are often missing, and that information can make or break a sale,” Christie’s Anne Bracegirdle said, according to a report in The Australian Financial Review.

These are just a handful of examples that have captured headlines in the past few months. There is no question that businesses with foresight are already reaping the rewards from blockchain and will continue to invest in the technology. It is not a fad, and it’s here to stay – those who ignore it will do so at their own peril.

This article was written by Ruth Hatherley. Ruth Hatherley is the CEO and founder of award-winning regtech and fintech Moneycatcha Pty Ltd.

About Moneycatcha Pty Ltd

Moneycatcha has developed a bespoke blockchain platform that operates on permission-based principles, enabling the most secure, protected and efficient transactions in the finance industry. That platform is developed, hosted and supported in Australia, providing complete regulatory comfort for Financial Institutions (FIs).

It has created a world-class platform with the capability to solve every one of the challenges facing FIs with a market-changing solution. Also, it has built the platform to integrate and communicate with the whole mortgage ecosystem. A requirement it knows will be necessary for any sustainable solution in the mortgage space in the future.

Its best in class digital platforms, Homechain and Regchain, deliver the world first solutions for the mortgage origination and risk review processes in any financial institution. Businesses are future proofing their organisation against increased, fraud, risk and regulatory pressures in an unrivalled, secure and efficient manner by using Moneycatcha. Also, FIs can reduce their end-to-end processing time for a home loan application from an industry average of 42 days, to just five days – submission to settlement.

 

**This article was provided through a newswire and does not express the views or opinions of 61-Bit.

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Why blockchain is gaining momentum in business
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