The foods trader used a blockchain platform to sell US soybeans to a Chinese company.
Editor’s Remarks: Louis Dreyfus, founded by Seinfeld and Veep actor Julia Louis-Dreyfus’ great-great-grandfather 166 years ago, is now the first food trader to execute a deal using blockchain technology. The company revealed that back in December it collaborated with ING, ABN Amro and Societe General to use digitised documents secured on a blockchain ledger for the transaction with China’s Bohi Industry. Dreyfus said that the digital process meant that data was electronically checked in real-time, which reduced the total document processing time to just a fifth of the normal period. The total transaction time was also reduced hugely, from two weeks down to just one.
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