{"title":"Blockchain Technology in International Commodity Trading","authors":"Prithviraj Lakkakula, D. W. Bullock, W. Wilson","doi":"10.22004/AG.ECON.303613","DOIUrl":null,"url":null,"abstract":": A blockchain is a decentralized, public digital ledger that uses cryptology to record retrospectively. We illustrate the impact of using blockchain technology on export/export documentation costs in international commodity trading. Preliminary results suggest that the costs related to accelerated transfer of documents from seller to buyer could be reduced by 90%. Additionally, in case of soybean trade from Jamestown (North Dakota) to China, the results suggest that using blockchain technology export costs reduced by an average of 2.3 cents per bushel (from $3.5677 to $3.5447). These results are significant for agribusinesses and other agricultural stakeholders for evaluating the benefits of adopting blockchain technology in international commodity trading.","PeriodicalId":398979,"journal":{"name":"Journal of Private Enterprise","volume":"6 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"9","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Private Enterprise","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.22004/AG.ECON.303613","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 9
Abstract
: A blockchain is a decentralized, public digital ledger that uses cryptology to record retrospectively. We illustrate the impact of using blockchain technology on export/export documentation costs in international commodity trading. Preliminary results suggest that the costs related to accelerated transfer of documents from seller to buyer could be reduced by 90%. Additionally, in case of soybean trade from Jamestown (North Dakota) to China, the results suggest that using blockchain technology export costs reduced by an average of 2.3 cents per bushel (from $3.5677 to $3.5447). These results are significant for agribusinesses and other agricultural stakeholders for evaluating the benefits of adopting blockchain technology in international commodity trading.
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