PwC Australia today announced a new system that will leverage blockchain technology to link supply chain information, thereby significantly transforming international trade.

The consulting giant has collaborated with the Australian Chamber of Commerce and Industry (ACCI) and the Port of Brisbane to develop a ‘Trade Community System.’ According to the official release, a proof of concept (PoC) has been launched in Brisbane.

“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,” PwC Partner, Ben Lannan said.

The new system will address a number of points and recommendations from the recently released Inquiry into National Freight and Supply Chain Priorities Report.

PwC is also an adviser to a blockchain pilot aimed at improving supply chain traceability, recently launched by e-commerce giant Alibaba in Australia.

The Australian government is also going big on blockchain technology. In its annual budget 2018-19, it has allocated AU $700,000 to Digital Transformation Agency (DTA) to explore the potential of blockchain in government services. Recent reports suggest that the DTA is planning to explore using blockchain technology for delivering welfare payments.