The blockchain platform has hosted the world’s
first agriculture commodity trade transaction.
Dutch food processing firm Louis Dreyfus Company sold a
cargo of US soybeans to China’s Shangdong Bohi
Industry via a sales contract hosted on the Easy Trading
Connect platform, which included all aspects of the deal from
financing to documentation management.
The transaction started with the signing of the sales
contract by both the seller and buyer. The buyer then requested
a so-called smart letter of credit which was reviewed by the
banks. This digital letter enables participants to a trade to
share information using private distributed ledger technology.
Once this is agreed, the transaction be executed automatically
through digital smart contracts.
Russell Marine Group and Blue Water Shipping issued the
required certificates, including the bill of lading and
certificates of quality and quantity. The US Department of
Agriculture advised on how to include phyto-sanitary...