Our blog reports on blockchain developments around the world and across industries. For those of our readers interested in some blockchain basics, Baker McKenzie has just published “Unhashing Blockchain: Blockchain Explained.” In it, we provide an overview of blockchain technology, discuss how it is being used and identify the legal issues that will arise (or have already arisen) in connection with this nascent technology.
On Monday 8 October 2018, IBM announced the “IBM Food Trust”, a blockchain based production cloud network which will enable participating retailers, suppliers, growers and food industry providers to see supply chain data in near real time. IBM believes that the network will enable greater traceability, transparency and efficiency in the food chain. The IBM Food Trust relies on the open source blockchain framework, Hyperledger Fabric and will be made available to users as a…
The Commonwealth Bank of Australia (“CommBank”) (Australia’s largest bank by market capitalisation) has recently confirmed that they have successfully applied blockchain and internet of things technology to a global trade shipment involving 17 tons of almonds. The almonds were shipped from Sunraysia, Australia to Hamburg, Germany. The other companies involved included the Port of Melbourne, Pacific National and Olam Orchards Australia Pty Ltd. CommBank used the Ethereum blockchain for the experiment because of its large…
On 18 July 2018 the European Parliament Committee on Internal Trade (“CIT”) published a draft report setting out a motion for a European Parliament Resolution regarding how blockchain could be harnessed to enhance international trade and supply chain management. The report focuses on the use of permissioned (private) blockchain solutions. Blockchain Benefits The CIT believes that blockchain provides enormous opportunities for reducing barriers within global trade. In particular, the potential benefits of permissioned blockchain…