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25,000MT of Black Sea wheat traded on blockchain

Published 2 years ago by Paul How

25,000MT of Black Sea wheat traded on blockchain

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25,000 metric tons of Russian milling wheat was sold by Solaris Commodities SA for December delivery to Trans-Oil International SA, with the transaction tracked via a smart contract on the Cerealia grain trading platform. According to a blog post by Cerealia CEO Andrei Grigorov, it was the first blockchain-powered transaction for Black Sea grains. SP Global Platts quoted a press statement from Cerealis that read, “An independent auditor has reviewed all the important details of the trade from the blockchain and validated the smart contract, digital signatures, signed document and timestamps.

He noted that while smart contracts had not been used for the commodity before, BTC futures had been used as payment for 3,000 tons of wheat last December. Cerealia’s minimum viable product was launched just last October 19, that “enables to simulate the conclusion of a physical grain trade CF contract as well as all stages of the execution flow,” according to Grigorov. Aside from wheat, the Switzerland-based blockchain-powered marketplace also allows for trading of barley, corn, millet, oats, rye, and rice, and several other commodities.

Last month, tech giant IBM launched its Food Trust blockchain network that intends to make for a more transparent and efficient way to deliver food, where details of contracts are to be written into the blockchain. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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