A Swiss crop-trading blockchain startup has piloted the use of technology that will allow grain to be traded using virtual tokens.
According to a report at Yahoo Finance, Cerealia SA created a non-fungible token backed by 30,000 metric tons of Mexican white corn, according to Filipe Pohlmann Gonzaga, chief operating officer of the Pully, Switzerland-based company.
The token was issued by Mercanta for grain stored at the Triple T terminal, both owned by Mexico’s Grupo Ceres.
Token deals could help eliminate paperwork and costs associated with many grain transactions that take place over the counter. Trade houses and other grain holders can issue tokens for their supply, which would then be traded on Cerealia’s blockchain platform without the need for physical documents that still underpin the bulk of commodity deals.
