On January 22, 2018, ABN AMRO, Louis Dreyfus Company (LDC), Shandong Bohi Industry Co., Ltd (Bohi), ING and Societe Generale have successfully completed the first full agricultural commodity transaction using a blockchain platform. The enhanced Easy Trading Connect (ETC) blockchain prototype reduces time spent on processing documents and data from hours to minutes, and allows for a larger trading scope.
For the first time ever in the agricultural commodities sector, the trade included a full set of digitalized documents and automatic data-matching, thus avoiding task duplication and manual checks. Other benefits include the ability to monitor the operation's progress in real time, data verification, reduced risk of fraud, and a shorter cash cycle. The platform’s success demonstrates the immense potential of distributed ledger technologies to advance commodity trading and financing.
ABN AMRO ING and Societe Generale and other major industry players such as LDC have a long-term ambition to improve security and operational efficiency in the commodity trading and finance sector through digitalisation and standardisation.
The next step of development of this technology will be transition to automation of processes related to maritime transport and logistics through SHIPNEXT. Currently, SHIPNEXT talks about cooperation with ABN AMRO and LOUIS DREYFUS companies have reached the final stage.
More details about Blockchain in grain trade and logistics will be discussed within the 4th international conference Middle East Grain Congress which will be held in Dubai on February 17, 2018. A key speaker to this subject will be Alexander Varvarenko, CEO of the company SHIPNEXT and Founder of VARAMAR.
The marketing department of APK-Inform Agency provides more detailed information concerning participation, sponsorship, advertising, and making a report at the conference:
+38 (067) 634-26-05 – Irina Ozip,
+38 (0562) 32-15-95 (ext. 120)
