Commonwealth Bank, Wells Fargo Test Blockchain for Cotton Trade

Commonwealth Bank, Wells Fargo Test Blockchain for Cotton Trade

Commonwealth Bank and Wells Fargo have announced they are testing blockchain for use in trade finance, focusing on the global cotton market. Working alongside blockchain startup Skuchain and Australian cotton trading firm Brighann Cotton, the two banks facilitated a transaction between a cotton buyer and seller. In statements, Commonwealth said that the test enabled all parties involved "to track a shipment in real time" using a distributed ledger. Michael Eidel, executive general manager for Commonwealth Cash-flow and Transaction Services office, said in a statement: "The....


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