Most of what all we hear about blockchain technologies is swirling around the cryptocurrency market nowadays, but there have been many other applicable areas of documentation where it can be applied. One of those got a bit of recognition today as Reuters has noted that the world’s first international trade shipment of soy from the US to China was conducted using blockchain. As a side note, soyboys everywhere are now concerned about the supplyside implications here on the US west coast. Thanks cageymaru.



“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. “We believe in this particular example the efficiencies were a multiple of the energy side,” said Anthony van Vliet, ING’s global head of trade commodity finance, adding the documentation could be more complex in agriculture than in energy.

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Source: [H]ardOCP – US to China Soy Cargo Traded Using Blockchain