Transoil International and Solaris Commodities are the latest companies to use blockchain for commodity trading. The two companies used 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.
S&P Global reported on November 12th that the two companies used a blockchain-based agri-commodities trading and financing platform that was built by Swiss firm Cerealia for the transaction. According to the same report, this is the first time that Black Sea wheat has been traded via blockchain. There is no word yet on how much the cargo was worth, or who settled the financial side of the transaction.
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