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First global trade transaction combining blockchain, smart contracts and IoT


Arthur Baoustanos

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Commonwealth Bank of Australia (Commonwealth Bank), Wells Fargo and Brighann Cotton have undertaken the first global trade transaction between two independent banks combining the emerging disruptive technologies of blockchain, smart contracts and Internet of Things (IoT).

The transaction involved a shipment of cotton from Texas, USA to Qingdao, China, using the efficiencies of a distributed ledger – Skuchain’s Brackets system – for all parties.

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