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Barclays Facilitates first live blockchain trade

Some butter and cheese was recently center stage as the subjects for the first *real* live trade using a blockchain platform to handle trade documentation. The dairy was traded between Ornua, formerly the Irish Dairy Board) and food product distributor Seychelles Trading Company.

Shipping Containers

The actual funds were not cryptocurrency, but transferred via good old SWIFT. The exciting part is that the actual transferring and settlement of funds is not the slowest part of international good trades, documentation is.

The documentation transfer was done by registering the documents on Wave’s (a graduate of Barclays FinTech incubator) proprietary, dedicated blockchain and transferred securely in a matter of hours. Documents such as Bills of lading, an integral part of supply chain documentation will be the focus for further efforts reports Coindesk.

This is another example of blockchain revolutionizing global trade and blockchain, and while this may have just been some butter across the ocean, its an important milestone.