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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),2020,2346BlockchainTechnologyinInternationalCommodityTradingPrithvirajLakkakula*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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