A cargo of U.S. soybeans shipped to China has become the first fully-fledged agricultural trade conducted using blockchain, participants said on Monday.
Louis Dreyfus Co, Shandong Bohi Industry Co, ING, Societe Generale and ABN Amro took part in the trade where the sales contract, letter of credit and certificates were digitalised on the Easy Trading Connect (ETC) platform.
“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.
This story is almost a month old now, so a little out of date. Even so, I thought it was worth posting. It tends to support my general feeling about blockchain: smart contracts are the truly interesting concept. Cryptocurrencies might just be an implementation detail.