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IIG Trade Finance Insights Archive/Past Editions

Hungry for Safety: Why the Food Industry is Leading Blockchain Initiatives
IIG Trade Finance Insights, June 2018

Last month’s announcement that HSBC and ING had completed a live trade finance transaction using blockchain technology for agri-food giant Cargill was hailed as a sign that distributed ledger-powered supply chains were finally becoming a reality. The fact that it facilitated the export of soybeans from Argentina to Malaysia comes as no surprise: the commodity sector, and agribusiness in particular, has been at the forefront of innovation in this area.

The truth is, everyone can benefit from the transparency and safety offered by the blockchain - an online ledger that records transactions in a safe, encrypted way, and makes them visible to a network of users, and more importantly, immutable to guarantee authenticity. But with so much business in emerging countries, a particularly high risk of fraud and increasing consumer pressure to improve traceability, the food industry has the most to gain from it...

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