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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.”

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