The applications of Blockchain technology are potentially endless – and every year we hear more uses in business and trade. Cryptocurrencies remain in the limelight, but this has not prevented multinational companies from going ahead with their own Blockchain solutions in order to streamline business.

A new milestone was reached in 2018 In a first for the global agricultural industry, a cargo of soy was completed using Blockchain technology. The trade was made digitally using the Blockchain Easy Trading Connect (ETC) platform, according to Reuters. ETC has incorporated a number of contracts and certificates necessary for international trade in agricultural products.

Looking deeper

The expedition from America to China involved five different parties including the Louis Dreyfus Company, Shandong Bohi, ING, Societe Generale and ABN Amro.

The Louis Dreyfus Company, a multinational agricultural trader, praised the use of Blockchain technology in commerce because of its effectiveness. Robert Serpollet, the company's business operations director, felt that using Blockchain to process contracts and certificates significantly reduced the time required for the approval of such a business.

"We"

Using the ETC platform, Bohi bought the soy shipment to Louis Dreyfus – while various banks provided the Credit certificates needed for sale.The shipping companies took care of the paperwork required for the shipment and the US Department of Agriculture was involved in providing certificates for sanitation needs

Anthony van Vliet, who directs the trade and use of Blockchain in this specific industry, may well be widely adopted because of its economic advantages.

" This is key because we operate in a company that has high volumes and very low margins. If it's not months, then in a year or two at most, I think the world in this space will be very different.

A new use case

used as a backbone for transactions, like bitcoin and other cryptocurrencies.However, as Ethereum was a pioneer, it can be used more technically, such as the inclusion of contracts that can be executed by the Blockchain

As evidenced by the latter case of soy use, a number of parties may be involved in a complex business transaction.By using Blockchain technology, the process is accelerated while becoming cheaper – which is sure to attract other businesses.The use of a Blockchain platform also helps to involve and inform all stakeholders throughout the process.