The Australian division of leading multinational professional services firm PwC has unveiled a new blockchain-powered supply chain system that will look to transform the country’s supply chain operations by simplifying international trade processes.
“As a trading nation, Australia relies on efficient and effective international supply chains to drive its economic engine room,” said Australian Chamber, Director of Trade and International Affairs, Bryan Clark.
“At present the current inefficiency across Australian supply chains has added to the cost of doing business, creating up to $450 in excess costs per container.”
Working with the Australian Chamber of Commerce and Industry and the Port of Brisbane, PwC created the new Trade Community System to ease the country’s growing supply chain traffic and deal with these inefficiencies more effectively.
The system will better track the flow of trading information on a digital network, both improving connectivity for participants in this supply chain, whilst also reducing costs and bettering productivity.
According to PwC, Australia’s five major ports deal with approximately 9mn container movements annually, with this expected to rise to 15mn by 2025, growth that this new blockchain platform will somewhat help in addressing.