3,000 Metric Tons of Wheat Was Recently Traded for Bitcoin

Cryptocurrencies are slowly becoming mainstream when it comes to settlement for all kinds of goods and services. Just recently the first known freight consignment was settled in bitcoin as the deal consisted of 3,000 tons of wheat from Rostov that was sent to Turkey.

The ship carried PSF’s 3,000 metric tons of wheat from the Russian region of Rostov to Samsun, Turkey. The freight deal made in cryptocurrency shows that these types of payments could bypass international sanctions in those areas. According to Vikulov, his firm is planning to get licensed in Gibraltar because the country has been more favorable towards cryptocurrency solutions.

“Most of the world’s 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,” Vikulov details.

There are also other projects trying to tether bitcoin settlements with the freight industry. Another project called Blockfreightuses both the bitcoin (the Counterparty system) and ethereum blockchain while also utilizing the IPFS (Inter-Planetary File System) protocol within the global supply chain. Julian Smith, Blockfreight’s Co-founder and CEO told news.Bitcoin.com at the Texas Bitcoin Conference that he sees bitcoin becoming the underlying settlement in the trillion dollar freight businesses. In fact, Smith believes supply chain dealers won’t even know bitcoin will be running beneath the system.   

3,000 tons of wheat settled in bitcoin maybe boring compared to the swathe of luxury home purchases and Lamborghinis bought this year, but organizations involved with the supply chain believe the recent deal is a milestone.