Commonwealth Bank of Australia (CBA) is trialing blockchain and the Internet of Things (IoT) to assist corporate clients in buying and managing farming equipment and other similar expensive assets. The experiment, called Smarts Assets, is based on a Proof of Concept (PoC) asset management and sharing platform that applies IoT devices connected to the equipment and machinery used in farming, the bank explained.
Andrew Johnson, a farmer in South Australia, wanted to buy a tractor for his cropping operations but the unit was quite expensive, so he decided to share the ownership with two neighbouring farmers. The three farmers joined their forces and created a legal entity to finance the new tractor and manage its ownership. They fixed sensors to make it easier to track the machine for better management, but the received data is difficult to review.
Thanks to CBA’s system, the three farmers can now use...
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