{"id":698,"date":"2018-11-15T14:40:09","date_gmt":"2018-11-15T14:40:09","guid":{"rendered":"https:\/\/icoholder.com\/blog\/?p=698"},"modified":"2025-06-16T15:19:45","modified_gmt":"2025-06-16T15:19:45","slug":"blockchain-technology-in-commodities-boosts-trade-efficiency","status":"publish","type":"post","link":"https:\/\/icoholder.com\/blog\/blockchain-technology-in-commodities-boosts-trade-efficiency\/","title":{"rendered":"Blockchain Technology in Commodities Boosts Trade Efficiency"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_75 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/icoholder.com\/blog\/blockchain-technology-in-commodities-boosts-trade-efficiency\/#Blockchain_Simplifies_Trade_and_Logistics\" >Blockchain Simplifies Trade and Logistics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/icoholder.com\/blog\/blockchain-technology-in-commodities-boosts-trade-efficiency\/#To_summarize\" >To summarize<\/a><\/li><\/ul><\/nav><\/div>\n<p data-pm-slice=\"1 1 []\">The commodity trading industry has, in recent times, seen a spike in the number of companies deploying blockchain technology in commodities for day-to-day business. The latest companies to get onboard this moving train are Solaris Commodities and Transoil International. Both of these companies \u201cused blockchain to settle the trade of 25,000 metric tons of 11.5 percent protein Black Sea Wheat that was shipped from the Russian port of Novorossiysk.\u201d<\/p>\n<p>According to a report by S&amp;P Global, the companies made use of a blockchain-driven \u201cagri-commodities trading and financing platform\u201d built by Cerealia, the Swiss firm, for the transaction. The report goes further to add that the Black Sea Wheat is being traded via blockchain for the first time ever. There are, however, no reports on who settled the financial aspect of the transaction or the worth of the cargo.<\/p>\n<p>This news should not be surprising to followers of blockchain technology. By this action, it is apparent that the two companies are looking to reap the efficiencies associated with using blockchain. The global commodities industry has for long been lampooned for still being stuck in the dark ages. It seems the blockchain could breathe new life to the trade and bring about a much-needed change.<\/p>\n<h3 data-pm-slice=\"1 1 []\"><span class=\"ez-toc-section\" id=\"Blockchain_Simplifies_Trade_and_Logistics\"><\/span>Blockchain Simplifies Trade and Logistics<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As for the blockchain-based platform, Cerealia has this to say: \u201cAn independent auditor has reviewed all the important details of the trade from the blockchain and validated the smart contract, digital signatures, signed document, and timestamps. The auditor also confirmed that data has been encrypted, that no other data has been stored and that all data is up to date.\u201d<\/p>\n<p>Why is the logistics\/commodity trading industry embracing blockchain?<\/p>\n<p>Most countries still use the trade finance system that is based on paper. Apart from being cumbersome and time-wasting, it is also complex. Blockchain, on the other hand, gives all parties involved in a shipment instant access to monitor it in real-time. The benefits of this are that it simplifies the tracking and ensures that disputes are quickly resolved as they arise.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"To_summarize\"><\/span>To summarize<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Solaris Commodities and Transoil International have become the latest firms to deploy<a href=\"https:\/\/icoholder.com\/blog\/impact-of-artificial-intelligence-revolutionizing-daily-life\/\"> blockchain technology<\/a> to commodity trading. The two firms settled a trade of 25,000 metric tons of 11.5 percent protein Black Sea Wheat with blockchain. The goods were shipped from the Russian port of Novorossiysk. Cerealia, a Swiss firm, developed the blockchain-based agri-commodities trading and financial platform used by both companies.<\/p>\n<p>To keep abreast of other industries that are embracing the potentials of the blockchain technology, do subscribe to ICOholder&#8217;s newsletter.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The commodity trading industry has, in recent times, seen a spike in the number of companies deploying blockchain technology in commodities for day-to-day business. The &hellip; <\/p>\n","protected":false},"author":12,"featured_media":8409,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Blockchain Technology in Commodities Boosts Trade Efficiency<\/title>\n<meta name=\"description\" content=\"Blockchain technology in commodities boosts trade transparency and streamlines logistics for faster, secure transactions - IcoHolder.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/icoholder.com\/blog\/blockchain-technology-in-commodities-boosts-trade-efficiency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blockchain Technology in Commodities Boosts Trade Efficiency\" \/>\n<meta property=\"og:description\" content=\"Blockchain technology in commodities boosts trade transparency and streamlines logistics for faster, secure transactions - 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