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Blockchain for the shipping industry

The Commonwealth Bank of Australia is currently testing a blockchain-based system with financial services provider Wells Fargo that automates payments for shipped goods. A pilot project is sending 88 bales of cotton from Brighann Cotton in Qingdao to Houston. When the port workers scan the bales, an electronic contract is completed which authorises payment. This is only possible because the technologies of all the parameters are encrypted, thereby also ensuring that all participants' data is immediately synchronised.