The Chinese company Shandong Bohi Industry for the first time used the Easy Trading Connect (ETC) blockchain-platform to sell soybeans to the American agricultural enterprise Louis Dreyfus. This is reported by Business Insider.
The deal was also attended by the banks of ING, Societe Generale and ABN Amro. The supply of soybeans from the United States to China has become "the first complete commodity transaction in the field of agriculture using a blockchain-based platform."
Distributed ledger technologies have been evolving rapidly, bringing more efficiency and security to our transactions, and immense expected benefits for our customers and everyone along the supply chain as a result.
Gonzalo Ramírez Martiarena
CEO of Louis Dreyfus Company
It is worth noting that the ETC platform greatly simplifies and accelerates trading operations. In particular, it digitizes documents, such as purchase and sale agreements, letters of credit, and reduces the need for legal support for the transaction. According to the group of developers, the technology allowed to speed up the conducted transactions five times.