The Port of Brisbane has opened a supply system using Blockchain technology to link logistic information and improve efficiency according to the Australian Financial Review.

The trade community system is a collaborative project between the Port, the Australian Chamber of Commerce and Industry (ACCI), and PwC.

ACCI director of trade and international affairs Bryan Clark said the system would help to eliminate cost inefficiencies in Australia’s current cost per container model.

'What we've come up with is the potential for significant cost savings if we can deploy technology like Blockchain into the trading environment,' said Clark. Click To Tweet

The Port’s new system is engineered to operate cohesively with the Commonwealth Scientific and Industrial Research Organisation’s communications and technology research unit.

“We’re wanting to make sure the government is aware of what we’re doing in the private sector, trying to improve things on our side and where that interfaces with what the government is up to,” said Clark.

The Australian government has already shown positive support towards Blockchain adoption with recent appearances of representatives at Consensus 2018 in New York in May.