First agricultural commodity transaction using blockchain completes between the U.S. and China

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In The Netherlands, Louis Dreyfus Company, Shandong Bohi Industry Co., Ltd, ING, Societe Generale and ABN Amro completed the first full agricultural commodity transaction using a blockchain platform.

In this test, the enhanced Easy Trading Connect platform was used to execute a soybean shipment transaction from the United States to China and covered the full complexity of the operation, including a larger number of participants and a broader scope. For the first time ever in the agricultural commodities sector, this trade included a full set of digitalized documents and automatic data-matching, thus avoiding task duplication and manual checks.

Time spent on processing documents and data has been reduced fivefold.  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.