Australian businesses have partnered with the Port of Brisbane to release a blockchain-based proof of concept for supply chain management.
PwC Australia, the Port of Brisbane, and the Australian Chamber of Commerce and Industry have partnered to release a blockchain-based supply chain management proof of concept (PoC), according to PwC’s press release published today, May 29.
The Trade Community System digital application will connect commercial operators across a supply chain for international trades. The press release notes that 9 mln containers are moved from Australia’s 5 major ports each year, with the number set to grow to 15 mln by 2025.
According to Bryan Clark, the Director of Trade and International Affairs, Australian Chamber, “the current inefficiency across Australian supply chains has added to the cost of doing business, creating up to $450 in excess costs per container:”
“This doesn’t just represent in excess of $1bn in value lost, but goes to the heart of Australian commodity trade viability when it gets priced out of the competitive global market.”
Last week, government official reported that Australia’s Prime Minister had been behind the country’s $530,000 budget this year to spend on blockchain research.
Last fall, IBM signed an agreement with a port operator in Singapore and regional shipping company to also use blockchain for supply chain management. More recently, a Scandinavian startup announced plans to create a blockchain-based platform to register shipping containers.