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Summer 2020

ISSN 0890-913X

Volume 35, Number 2

Blockchain Technology in International Commodity Trading

Prithviraj Lakkakula, North Dakota State University

David Bullock, North Dakota State University

William Wilson, North Dakota State University

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TheJournalofPrivateEnterprise35(2),2020,23–46BlockchainTechnologyinInternationalCommodityTradingPrithvirajLakkakula*NorthDakotaStateUniversityDavidBullockNorthDakotaStateUniversityWilliamWilsonNorthDakotaStateUniversity______________________________________________________AbstractAblockchainisadistributed,publicorprivatedigitalledgerthatusescryptographytorecordtransactionsacrosscomputernetworkstopreventrecordsfrombeingalteredretrospectively.Thispaperillustratestheimpactofblockchaintechnologyontotalcost,time,andriskininternationalcommoditytradingusingahypotheticalcaseofsoybeantradefromJamestown,NorthDakota,toChina.Theresultssuggestthatthesavingsinclude2.3centsperbushelofsoybeansanda41percentreductioninthetotaltime,includingdocumentationandtransittime.Further,the5percentvalue-at-riskmodelshowsareductionof2.6centsperbushelofsoybeanstradedusingblockchaintechnology.Theseresultsaresignificantforagribusinessesandotheragriculturalstakeholderswhoareevaluatingthebenefitofadoptingblockchaintechnologyininternationalcommoditytrading.______________________________________________________JELCodes:Q13Keywords:soybeans,internationaltrading,blockchaintechnology,agricultureI.IntroductionAgricultureisauniqueindustryinthatmostfoodproductsareperishable,requiringcloseattentiontoenabletheirefficientflowthroughthesupplychaininwhatisgenerallyreferredasfarm-tomarket.Internationaltradeinagriculturemakesthefarm-to-market*WearegratefultoSreerajSudhakaran,RaghuBala,BrianNammari,BoraEsenkaya,PathikritRoy,JamesCaton,anonymousreviewers,andtheeditorfortheirconstructivecommentsonanearlierversionofthispaper.

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Title	Blockchain Technology in International Commodity Trading
Authors/Creators:	Prithviraj Lakkakula, North Dakota State University David Bullock, North Dakota State University William Wilson, North Dakota State University
Year:	2020
Volume:	35
Number:	2
Pages:	23 - 46
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	soybeans, international trading, blockchain technology, agriculture

Citation:
Lakkakula, Prithviraj; Bullock, David; Wilson, William / 2020. "Blockchain Technology in International Commodity Trading." The Journal of Private Enterprise, 35(2): 23-46.