[1 November/NZ Herald]

ASB says that Greenlea Premier Meats used its new ‘single trade window’ service to process an export deal with a large Korean customer, a transaction the bank says is a landmark as the blockchain based service meant digital payment and paperwork for the deal were wrapped up in an hour. The transaction would normally take two to four days to document and process and given the amount of paperwork is susceptible to fraud or error. Greenlea CEO, Tony Egan, said the blockchain solution appealed because the technology was created to be un-hackable and it provided his company with a single dashboard covering elements such as payment, regulatory compliance, insurance, shipping and customs. It also enabled Greenlea to promote the products attributes better, highlighting the fact that its beef is pure grass-fed and being able to provide details about the farm of origin. Blockchain is expected to become an everyday technology that people won’t think about, just as the internet is today according to Auckland University’s Alex Sims. Mr Egan said it was relatively easy to get the Korean customer on board, particularly as they were partnering with a bank like ASB that has profile and reputation. The ASB solution is still a few months away from everyday adoption but Mr Egan says that he could see his company ultimately using it for all deals.