According to reports by S&P Global, two Swiss-based companies, Solaris Commodities and Transoil International, have successfully conducted a blockchain-based pilot transaction of Black Sea wheat.
The two companies are heavily involved in the trading of agricultural commodities such as flour, milling wheat, and vegetable oil.
What’s the Noise About?
The companies used the platform created by Cerealia, another Swiss firm. It’s an agri-commodities financing and trading platform that uses blockchain to function.
In the pilot project, the two companies completed a transaction from Novorossiysk, a Russian city. Dealt on a FOB-loading port basis (free on board), the shipment consisted of 25,000 metric ton of 11.5% protein Black Sea wheat.
According to CME Group, the wheat produced in the Black Sea region is a growing market that accounts for 20% of the world’s wheat exports. This is the first documented Black Sea wheat trade that used a blockchain-based platform. While the monetary terms involving the deal are yet to be disclosed, experts say it’s a big move, and we might be creating history with this successful sale.
Why Use Blockchain?
The companies believe that blockchain can help reduce conflicts and risks as the technology offers improved monitoring and dispute settlement.
S&P Global quotes Cerealia:
“An independent auditor has reviewed all the important details of the trade from the blockchain and validated the smart contract, digital signatures, signed document and timestamps. [The auditor] also confirmed that data has been encrypted, that no other data has been stored and that all data is up to date.”
The Use of Blockchain on a Rise
The agricultural sector appears to have embraced blockchain wholeheartedly. We earlier talked about how African farmers are using blockchain to improve productivity. On the other hand, Walmart is also planning to use the blockchain technology to enhance food safety.
With such mass acceptance, it would not be wrong to say that blockchain is taking over the food and agricultural sector.
Hello my friend! I wish to say that this post is amazing, nice written and include almost all important infos. I would like to see more posts like this.
J’espère pouvoir vous aider en classant votre site en Première Page du moteur de recherche Google pour que vous puissiez générer de leads et ainsi accroître le chiffre d’affaire de votre entreprise à partir d’un trafic organique qualifié.
Throughout the awesome pattern of things you secure an A with regard to effort and hard work. Where you actually misplaced me personally ended up being in your details. You know, they say, the devil is in the details… And it couldn’t be much more correct in this article. Having said that, permit me inform you what exactly did do the job. The text can be very powerful and this is most likely the reason why I am taking the effort to opine. I do not make it a regular habit of doing that. Next, despite the fact that I can easily notice the jumps in logic you come up with, I am definitely not confident of just how you seem to connect the ideas which inturn make your final result. For now I will, no doubt subscribe to your point but trust in the near future you connect the facts much better.
Hiya, I’m really glad I’ve found this information. Nowadays bloggers publish just about gossips and net and this is really annoying. A good website with interesting content, this is what I need. Thank you for keeping this website, I’ll be visiting it. Do you do newsletters? Can’t find it.
F*ckin? amazing issues here. I?m very happy to see your article. Thanks a lot and i’m looking ahead to touch you. Will you kindly drop me a e-mail?
hello there and thank you for your info ? I have definitely picked up anything new from right here. I did however expertise several technical points using this site, since I experienced to reload the website a lot of times previous to I could get it to load correctly. I had been wondering if your web host is OK? Not that I am complaining, but slow loading instances times will often affect your placement in google and could damage your high quality score if ads and marketing with Adwords. Anyway I am adding this RSS to my email and could look out for a lot more of your respective intriguing content. Ensure that you update this again very soon..
Simply wish to say your article is as amazing. The clarity for your post is simply nice and i can suppose you are knowledgeable in this subject. Fine together with your permission let me to seize your feed to stay updated with coming near near post. Thanks one million and please carry on the rewarding work.
Климатическая техника – https://devinbvnf21098.blogminds.com/the-comfort-and-benefits-of-acquiring-heaters-on-the-internet-16313738 напольные обогреватели.
I like this post, enjoyed this one regards for posting. “Fear not for the future, weep not for the past.” by Percy Bysshe Shelley.
Популярные телеканалы в России расписание автобуса 26 ижевск.