Black Sea wheat sees blockchain trade | MED-Amin network | Scoop.it

By UkrAgroConsult, 13/11/2018

Black Sea wheat traded using blockchain Monday in a pilot deal between Solaris and Transoil International via the Cerealia Platform, the platform's developer said.

A Russian 25,000 mt parcel of 11.5% protein wheat on a FOB basis at Novorossiisk for December delivery traded for an undisclosed price. The platform developer said it was the first such Black Sea wheat deal.

Blockchain is a mechanism that allows the chronological and public display of transactions that have taken place on the platform. The goal is to minimize risk and any conflict that may arise by storing all related data on blockchain to settle disputes smoothly, should they arise.

"The next stage is to support emerging market traders in their local domestic currencies using fintech," Cerealia CEO and co-founder Andrei Grigorov said.