U.S. soybeans cargo to China traded using blockchainStaff Writer | January 22, 2018
A cargo of U.S. soybeans shipped to China has become the first fully-fledged agricultural trade conducted using blockchain, participants said on Monday.
Trade The system underpinning cryptocurrency
“We noticed very significant efficiency gains... far beyond what we expected,” Robert Serpollet, global head of trade operations at Louis Dreyfus, said, adding that the time spent on processing documents and data had been reduced five-fold.
Blockchain, which first emerged as the system underpinning cryptocurrency bitcoin, is a distributed record of transactions that is maintained by a network of computers on the internet.
Blockchain technology has been used successfully to conduct trade in other markets such as oil. ■