A new ‘Trade Community System’ has been developed to link supply chain information through blockchain technology, which is said to simplify international trade by removing complexity.
Developed jointly by PwC Australia, the Australian Chamber of Commerce and Industry, and the Port of Brisbane, the Trade Community System will address a number of points and recommendations from the recently released Inquiry into National Freight and Supply Chain Priorities Report.
Ben Lannan, partner at PwC, said: “The Trade Community System proof of concept is the first stage in building an innovative end-to-end supply chain that will digitise the flow of trading information, improve connectivity for supply chain participants, reduce friction for business and reduce supply chain costs, providing unprecedented productivity gains for Australia’s international businesses. The port – whether sea or air – is the first and last point of domestic contact in the international supply chain, and is the primary point at which all significant supply chain participants converge. To grow Australia’s trade competitiveness, we need to look beyond our ports.”
Last month, a study by PwC blockchain specialist Alex de Vries suggested that the Bitcoin network’s global activity could account for approximately 2.55 gigawatts, almost the same level of power as the entire nation of Ireland. Furthermore, it says that the Bitcoin networks’ total energy usage may reach 7.7 gigawatts by the end of 2018, nearly as much as is consumed by Austria and 0.5% of the world’s total electricity expenditure.
de Vries said: “To me, half a per cent is already quite shocking. It’s an extreme difference compared to the regular financial system, and this increasing electricity demand is definitely not going to help us reach our climate goals.”