Soy trade with the blockchain is faster than regular soy trade

Chinese firm called Shandong Bohi Industry, with the help of ING, Societe Generale and ABN Amro (all three being major financial institutions) has successfully bought soy beans from Louis Dreyfus, American agricultural business enterprise. The deal would not be interesting for fintech observers if it wasn’t for Easy Trading Connect or ETC, a blockchain platform designed for trade operations similar to this one.

The ETC’s main benefit is total (or almost total) digitalization of the regular paperwork every trade deal has, and this paperwork makes regular deals five times slower in comparison to the deal between Shandong and Louis Dreyfus.

Meanwhile, the messages about the fintech collaboration between IBM and Maersk reappear in the media once again. As Bitnewstoday already described (see the last paragraph), these two vast corporations have already cooperated in this field and made a pilot version of shipping blockchain designed to eliminate paperwork with the help of Smart Contracts. The recent press statement reiterates joint support for blockchain and assures the journalists that the final product of their cooperation would tremendously improve the international shipping structural management.