Soybean shipment from the US to China completed using blockchain platform.
Energy trading businesses including Gazprom and Total are trialling blockchain-based technology for settling trades.
Proof of concepts and pilots highlight the continued corporate interest in blockchain, a technology that was originally popularised by bitcoin.
LONDON — Energy and commodity trading businesses have announced successful pilots and early-stage trials of projects using much-hyped blockchain technology.
A recent soybean shipment from the US to China has become “the first full agricultural commodity transaction using a blockchain platform,” according to a consortium of banks and trading businesses involved.
The deal involved agricultural trading businesses Louis Dreyfus Company and Shandong Bohi Industry, and banks ING, Societe Generale, and ABN Amro announced.
The group said in a statement on Monday that the shipment was carried out on the Easy Trading Connect (ETC) blockchain platform developed by the banks, which digitises documents such as sales contracts and letters of credit. The group claims the technology reduced the time spent processing documents by fivefold.
Separately on Monday, Canadian-British blockchain company BTL announced that European energy trading businesses Eni Trading & Shipping, Total, Gazprom Marketing & Trading, Mercuria, Vattenfall, Petroineos, and Freepoint are all trialling its technology for back-office settlement of trades.
While both projects …read more
Source:: Businessinsider – Technology