Major banks mark first cross-border trade using blockchain technology

Sydney

THE first cross-border transaction between banks using multiple blockchain applications has taken place, Commonwealth Bank of Australia and Wells Fargo & Co said on Monday, resulting in a shipment of cotton to China from the US.

Australian cotton trader Brighann Cotton Marketing bought the shipment bound for the port city Qingdao from US division Brighann Cotton in Texas, the companies and their banks said in a joint statement. The blockchain trade, for 88 bales, totalled US$35,000, Commonwealth Bank told Reuters.