CommonwealthBankOfAustralia
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Blockchain gets its first test with international trade
Some financial gurus are convinced that blockchain (the underlying tech behind bitcoin) is the future of business, and they might already have some proof. The Commonwealth Bank of Australia and Wells Fargo have conducted the first international, inter-bank trade deal to use blockchain for the transaction. It was a relatively modest experiment that shipped $35,000 in cotton from Texas to China, but it demonstrated the advantages of taking humans out of the equation. The deal included smart contracts that automatically sent payments and transferred ownership as the cargo reached certain locations. The companies involved didn't have to waste time sending documents, processing money or worrying about potential fraud.
Aussie bank debuts Kaching app, accompanying iCarte case for mobile payments on iPhone 4
This certainly isn't the first time we've seen an attempt to bring NFC to the iPhone, but the Commonwealth Bank of Australia certainly deserves kudos for integrating the iCarte case with its mobile payment app known as Kaching (think Ka-ching). Available as a standalone free application, Kaching allows users to send money to others, either via text message, email or through Facebook. For those looking to dig deeper, an iCarte case may be purchased for $54.95 from within the app, which allows the iPhone 4 and 4S to be used for mobile payments at all PayPass terminals. From within Kaching, users may check account balances and choose which card they care to pay with. All in all, it looks like one sweet (albeit temporary) solution. [Thanks, Phil]
