BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
COOKIE NOTICE

Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Agriculture

Black Sea wheat sees blockchain trade

LNG

As US liquefaction projects come online, lower European and Asian prices are possible

Agriculture | Biofuels

Platts Biofuels Alert

Commodities | Agriculture | Biofuels | Sugar

Miami Sugar Conference, 6th Annual

Agriculture | Sugar

El aumento de la molienda de caña de azúcar en el centro-sur de Brasil supera las estimaciones de los analistas

Black Sea wheat sees blockchain trade

London — 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.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

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.

While contract details including price or loading rates are not visible to the public, it is possible to see that such a trade has taken place and that its contract terms are uploaded onto the system in an encrypted format.

"An 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. He also confirmed that data has been encrypted, that no other data has been stored and that all data is up to date," Cerealia, a start-up based Lausanne, Switzerland, said in a press release.

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

This trade follows a Black Sea wheat trade heard in the previous marketing year that was completed using a cryptocurrency. -- James Colquhoun, James.Colquhoun@spglobal.com

-- Edited by Keiron Greenhalgh, newsdesk@spglobal.com