First agriculture trade done on blockchain


#1

Great to see blockchain tech starting to filter out into more and more real world use!

"The 166-year-old Rotterdam-based trading house used a blockchain platform to sell a cargo of U.S. soybeans to China’s Shandong Bohi Industry Co…

By automatically matching data in real time, avoiding duplication and the need for manual checks, document processing was reduced to a fifth of the time, LDC said in a statement.
In addition, the transaction time was cut in half from two weeks to one…"


#2

Just amazing


#3

Many thanks for this link. Some of the world’s largest commodity trading houses are out of Zug (Where Cardano Foundation is located), and Geneva - Mercuria, Trafigura, Vitol and Glencore to name a few. Smart contracts are a no brainer for this business. The Cardano team really should leverage that location and start working on proof of concept deals with these entities.


#4

Hi Cdufour,
You make an incredible point about Cardano being in Zug and smart contracts in Cardano would be an ideal application for this.
I hope someone from cf reads your comments!


#5

Thanks. I’ll send Jon a direct message on it. These are very sophisticated outfits, and most are private companies. So it’s easier to push through to the decision makers. They tend to be very entrepreneurial. IMHO, if this gives them a trading edge or efficiency that results in better pricing they will pay attention.


#6

Another agricultural transaction announced today that was done via blockchain:
"Cryptocurrencies are making inroads into food commodity trading.

The first freight deal settled in Bitcoin was executed last month on a vessel carrying wheat from top shipper Russia to Turkey, according to Prime Shipping Foundation, the venture behind the transaction."