In a press release on Friday, New Zealand’s ASB Bank has announced that it has successfully exported meat from its country to a South Korean importer on the blockchain network while running the traditional system in parallel with it. The export was reported as the first ever “bank-led export on blockchain”.

The ASB Bank used the blockchain platform developed by blockchain company VerifyUnion to execute the process between Greenlea Premier Meats and the South Korean importer. Furthermore, this move was also supported by Local Export Insurer, Vero and document processing distributor, Prodoc.

Interestingly, the whole process speeded up the process by one hour as compared to the time taken by the former systems. Taking this opportunity, Head of Global Transaction Banking at ASB, Greg Beehre stated that using blockchain can ensure better safety and traceability of data. The data remains tamper-free and unalterable as the data and transactions are recorded in several blocks.

Similarly, Jack Vollebregt,the CFO of the Kiwi meat exporter, explained that DLT Technology has various usage which can find its application in plethora of services. It has been done by removing weak links and providing a guarantee of data integrity as compared to the traditional systems.

The company has also focused on the importance of blockchain saying that it can help the supply chain by giving access key to the intended customers, hence streamlining the process. New-Zealand is an export-led company and ASB Bank aims to deliver trade by air-freight in the coming time.