VerifyUnion’s and ASB’s blockchain-based supply chain platform tested by one of NZ’s biggest exporters, Greenlea
ASB is claiming a first with a new blockchain-based service used to organise a meat export trade deal.
The bank says Greenlea used its new “single trade window” service to process a deal with a large Korean importer.
ASB’s GM Global Transaction Banking Greg Beehre said the transaction was a landmark because the blockchain-based service meant digital payment and paperwork for the deal were wrapped up in an hour — compared to the two to four days it would take to process using more traditional means.
Trade is currently paperwork-heavy, Beehre says, making it susceptible to fraud or human error.
Greenlea boss Tony Egan says blockchain also appealed because of the technology was created to be unhackable. He notes that cybersecurity was one of the top concerns in the Herald’s recent Mood of the Boardroom survey.
Egan says while Greenlea already had paperless systems, the single trade window solution meant it could move from scrabbling emails together to a single dashboard covering elements such as payment, regulatory documents and insurance, shipping and Customs paperwork.
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