2016.10.2404:55:00UTC+00Big banks initiate first global transaction using blockchain

Two of the world's major banks announced Monday they have facilitated the first international trade using blockchain, a first in the world history.

Because of that trade, Australia-based Brighann Cotton Marketing was able to send cotton to ts US unit Brighann Cotton. The two banks, in a statement, said the deal for 88 bales amounted to $35,000.

Commonwealth Bank official Michael Eidel said prevailing trade finance operations can weather technical glitches, adding it signifies how companies worldwide could gain from such advancements.

Blockchain is a public ledger of all processed bitcoin dealings. It is said that banks could save a considerable amount of money for integrating the technology into its businesses.

This is not the first time blockchain has been integrated in a transaction. Studies have been conducted to expand the usage of blockchain.