A shipment of soybeans traveling from the US to China has become the first fully-fledged agricultural trade to utilize blockchain.
Blockchain Continues Its Newfound Influence
According to a report in The Business Times, the parties involved in the trade included Louis Dreyfus Co, Shandong Bohi Industry Co, ING, Societe Generale, and ABN Amro. The companies took advantage of blockchain to digitalize the sales contract, letter of credit, and certificates using the Easy Trading Connect (ETC) platform.
Blockchain is a distributed record of transactions that is maintained by a network of computers on the internet and first emerged with the introduction of Bitcoin.