GETTY Blockchain technology is considered the future of industry

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Louis Dreyfus Co and Shandong Bohi Industry, a Chinese agricultural processor, along with the financing groups ING, Société Générale and ABN Amro trialled a blockchain-based digital platform for the sale of 60,000 tonnes of US soyabeans to China in December as reported by the FT. A blockchain expert told Express.co.uk that the deal is yet another tick in the box for the robustness of blockchain technology. Gavin Brown, senior lecturer at Manchester Metropolitan University and co-founder of cryptocurrency hedge fund Blockchain Capital Limited, told Express.co.uk that blockchain technology will speed up and simplfy any complex trade process involving multiple parties with competing interests. Commodities traders want blockchain technology to speed up their processes and lead to massive savings and, in turn, better profits.

GETTY Bitcoin's underlying tech has massive potential

Massive agricultural deals between nation states often contain national trade tariffs and environmental trade stipulations and despite their size and complexity, fax is still one of the only ways departments can send the necessary paperwork back and forth. Mr Brown said: “It will effectively act as a third party project manager governing the process in real-time based upon the pre-defined logic established by the counterparties. “This oversight is 24/7 and fully transparent to all authorised stakeholders and is therefore auditable and secure based upon the immutable nature of blockchain technologies. The blockchain technology, originally used to process bitcoin deals, makes these complex deals more transparent by recording each bitcoin transaction on a public ledger - the blockchain. Each blockchain has three parts; its identifying address, the history of who has bought and sold it, known as the ledger, and the private key header log - a sophisticated digital signature is captured to confirm every transaction for that particular bitcoin file.

Given the size of the deal and the profile of the two nation-states it is yet another tick in the box for the robustness of blockchain technology which can often be tarnished in terms of reputation by association to certain cryptocurrencies Gavin Brown, senior lecturer at Manchester Metropolitan University