Historic deal takes place between Freight company and Bitcoin
Cryptocurrencies are beginning to get involved within food commodity trading.
It has been revealed that The Prime Shipping Foundation contributed to the world’s first freight deal settled in Bitcoin.
The Quorum Capital and ship-broker Interchart, based in Gibraltar, was carried out on a vessel last month from Russia to Turkey. The vessel, which carried 3,000 metric tons of Russian wheat from Rostov-on-Don to Samsun, was a trial ahead of services to be performed later this year from Prime Shipping.
In their statement, Ivan Vikulov, CEO of the Prime Shipping Foundation insisted the ground-breaking deal will be beneficial for both parties.
He said: “The Prime Crypto Bank will become the interface between the online world and the real world, allowing a gradual adoption for the shipping industry. Without compromising the benefits the new era brings.”
Seeking to gain a banking license in Gibraltar, the logistics operator added: “Most of the worlds’ tonnage is currently registered offshore. The flexibility of these jurisdictions creates a good foundation for the development and the potential switch away from the classical banking system towards a much simpler payment system.”
The venture is currently developing their own cryptocurrency and hope to create funds during the middle of 2018.
Top players within the logistics industry joined forces to form a consortium to potentially explore the use of the distributed ledger technology. Spearheaded by TKI Dinalog, the group are hoping to find cases for the use of Blackchain for areas such as chain finance.
Former Supply Chain Finance Program Manager Martijn Siebrand said: “If you ask me, using blockchain technology for the financial routes in logistics is just the beginning.
“I see this as a stepping stone toward a logistics sector with improved collaboration throughout the entire chain.”
When fast reactions and quick solutions are required, you can count on Tudor International Freight to provide a dedicated team and exceptional service to help make your event a resounding success.
We have been providing logistics services to the oil and gas industry for many years. Our specialist team have worked on many projects across the world and understand the demands of this sector more than most.
Tudor International Freight manage the supply chain movements of many large international manufacturing companies. Our team appreciate the complex issues and unique logistical challenges facing this sector.
Tudor International Freight provide a wide range of supply chain solutions to the aerospace sector. Our staff are familiar with industry terms and jargon – we understand and speak your language.
The chemical goods industry has experienced significant changes over recent years with a much larger emphasis being placed on logistics compliance and regulation. Tudor provide businesses with specialist chemical logistics advice and guidance.
