The first cross-border transaction between banks using multiple blockchain applications has taken place, Commonwealth Bank of Australia and Wells Fargo & Co said yesterday. The blockchain trade paid for a shipment of cotton to China from the United States. Australian cotton trader Brighann Cotton Marketing bought the shipment bound for the port city Qingdao from US division Brighann Cotton in Texas, the companies and their banks said in a joint statement. The blockchain trade, for 88 bales, totalled US$35,000 Reuters reported. Wells Fargo's head of international trade services, Chris Lewis, stated that "significant regulatory, legal and other concerns remain to be addressed."