Trading Agricultural Commodity using Blockchain

Sumber artikel disusun oleh: Bahagian Data Strategik Dan Teknologi Masa Hadapan, Kementerian Tenaga, Sains, Teknologi, Alam Sekitar Dan Perubahan Iklim (MESTECC).

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The Inspiration

Trade commodity and finance is still based on the exchange of paper documents and processes that haven’t changed much since the foundation of trader Dutch East India Company in 1602. On average, it will take 11-14 days to complete a commodity transaction from buyer to seller with high risk of fraud and human errors and also costly.

How It Works

Through the digitisation of documents (contracts, letters of credit as well as government inspections and certifications) and blockchain technology, all parties involved in the transactions (buyer, seller, bank, government agencies) are able to complete the transaction within 4 days with cost reduction between 25 to 30%.

Sumber:

http://www.globaltrademag.com/global-trade-daily/first-agricultural-trade-blockchain-completed?gtd=3850&scn=first-agricultural-trade-blockchain-completed

https://www.ing.com/Newsroom/All-news/Bringing-blockchain-to-agricultural-commodity-trade.htm

https://www.ft.com/content/22b2ac1e-fd1a-11e7-a492-2c9be7f3120a

https://cointelegraph.com/news/worlds-first-major-agricultural-trade-using-blockchain-completed-resounding-success

https://www.reuters.com/article/grains-blockchain/u-s-soy-cargo-to-china-traded-using-blockchain-idUSL8N1PG0VJ

https://cointelegraph.com/news/higher-than-expected-louis-dreyfus-reports-results-of-first-blockchain-agricultural-trade

https://www.bloomberg.com/news/articles/2018-01-22/dreyfus-teams-with-banks-for-first-agriculture-blockchain-trade

Thank you.

FT Sharing 2/2018: Trading Agricultural Commodity using Blockchain
 
...HYS, TFD, MESTECC...


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