Blockchain is popularly known as the underlying technology behind bitcoin, but many institutions are starting to find other uses cases for the technology. And some have reportedly succeeded already.

Take the Commonwealth Bank of Australia (CBA), for example. The Australian bank has completed what it says is the “first global trade transaction between two independent banks” using blockhain to sell cotton to China.

The transaction between CBA and U.S. bank Wells Fargo involved a shipment of cotton from the state of Texas to Qingdao in China. According to Lifehacker, the proof-of-concept transaction made use of a distributed ledger by Skuchain’s Bracket system, along with other “internet of things” components.

“The trade introduced a physical supply chain trigger to the terms of the transaction to confirm the geographic location of goods in transit before a notification is sent to allow for release of payment. The tracking feature adds a new dimension, providing all parties with greater certainty compared with traditional open account and trade instruments like Letters of Credit, which focus on documents and data,” the bank said.