The USA delivered a batch of soybeans to China using blockchain technology. It is the first transaction in that area, Market Insider reports.
The Shandong Bohi Industry and Louis Dreyfus Company and also ABN Amro, ING and Societe Generale banks participanted in the transaction.
The trading activity was performed by the means of Easy Trading Connect (ETC) platform based on blockchain developed by above-mentioned banks. Thanks to this technology all necessary documents were transferred to electronic versions that made documentation processing much safer and simpler.
We will add that a number of European companies, in particular Total, Eni Trading & Shipping, Mercuria, Gazprom Marketing & Trading, Petroineos, Vattenfall and Freepoint, hold operational office testing for making trading activities using blockchain technology.
