VITAL TESTING GROUND: Aerial view of coal terminals and berths at Hay Point and Dalrymple Bay.
VITAL TESTING GROUND: Aerial view of coal terminals and berths at Hay Point and Dalrymple Bay. Peter Holt

'Revolutionary' trial heralds future for bulk commodities

MACKAY has played a key role in what is being considered a landmark trial testing the replacement of the 200-year-old paper-based system used in bulk commodity trading with blockchain.

The successful trial involved a vessel, which sailed last week carrying coal from Dalrymple Bay Coal Terminal.

The Japan-bound ship was the fourth and final vessel in a proof of concept for Australian company CommChain's platform, which digitises existing paper-based systems for logistics and trade settlement.

CommChain co-founder Gary Zamel said the trial put his team a step closer to proving blockchain-enabled technology is commercially viable.

Blockchain is a digital ledger that records online transactions.

"The successful trial of the CommChain platform is a step change; it will transform the way bulk commodity trades are processed," Mr Zamel said.

CommChain co-founder and director Faith Dempsey said the platform would save the sector time and money.

"I'm excited about what a mature blockchain environment can deliver for our rail and port operators," Ms Dempsey said.

"Let the Australian resources industry be a leader in this field, not a follower."



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