New Zealand Bank ASB Uses Blockchain in Meat Export Deal with South Korea

New Zealand private bank ASB has facilitated a shipment of meat from its country to South Korea by using distributed ledger technology (DLT), according to a press release on Friday. The financial institution claims the deal is the first-ever “bank-led blockchain trade” in New Zealand’s export history although ASB used DLT “in parallel” with its traditional system.

The bank settled a transaction between Greenlea Premier Meats and a South Korean importer with the participation of local export insurer Vero and documentation processing distributor Prodoc. The blockchain system speeded up the export process to an hour compared to the two to four days needed with traditional trading software, as

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