Swiss-based company Transoil International and Solaris Commodities have successfully conducted a blockchain pilot transaction of agriculture commodity, Black Sea wheat, according to the report of S&P Global.
Thus, Transoil and Solaris have completed a sale for a 25,000 metric ton shipment of 11.5 percent protein Black Sea wheat on a “Free On Board” loading incoterms basics, from Russian port city of Novorossiysk. The transaction has become the first blockchain-based trade deal on the market of international agriculture commodities.
As it was stated by S&P Global, the transaction was completed using the blockchain-based agri-commodities trading and financing platform of Swiss-based startup Cerealia. However, the exact monetary terms of the transaction have not been disclosed.
It is considered that by implementing a blockchain platform, companies seek to minimize risks and conflicts that may arise during the process of the transaction. The technology of distributed ledger provides them with new instruments for dispute settlements and monitoring.
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