The first large commodity transaction in Bitcoin was settled on Tuesday. Last month, a cargo ship carried 3,000 tons of wheat from Rostov on Doenm in Russia to Samsun in Turkey. The dealership company, the Prime Shipping Foundation, is testing blockchain technology for the delivery of goods. The company's president - Ivan Vikulov promises immediate processing of payments and security transactions.
Vikulov said: We are trying to create a cross-border payment system that will be easier and faster than currently available options. As far as we know, this is the first freight transaction paid in the crypto invoice.
The Prime Shipping Foundation is currently applying for a banking license in Gibraltar. British Overseas Territory is one of the most friendly places in the world for cryptocurrencies. This would enable faster and easier conversion between fiat money and cryptocurrencies.
International sanctions are one of the reasons why countries like Russia are willing to accept cryptocurrencies. These sanctions are to limit access to the US dollar for some countries, which forces them to look for alternative payment methods for their natural resources and goods.
However, the very volatility of the Bitcoin price remains a problem. The leading cryptocurrency has lost almost 40% of its value in recent weeks, which is why some people are concerned about the future of the market.
Louis Dreyfus Co., one of the world's largest food retailers, has announced an agreement to sell US soy to China using blockchain technology. The beginning of adaptation of blockchain technology indicates the huge potential of technology and its ability to transform the industry.