The freight industry reached a milestone after it saw its first transaction that was dealt with using cryptocurrrency. This is big news for transport companies in Perth that are yet to accept digital currencies as form of payments.
According to Bloomberg, the parties involved in the transaction are Turkey and a leading wheat shipper from Russia. The digital payment used for the transaction was the cryptocurrency bitcoin. This was included in the pilot testing of the payment system based on blockchain technology. The developer responsible is Prime Shipping Foundation. The transaction will make it possible for logistic companies as well as members of the freight industry to handle payments and convert them from cryptocurrency to monetary value and vice versa.
Ivan Vikulov, the chief executive officer of the company which is the outcome of a partnership that occurred between Interchart and Quorum Capital. According to reports, Prime Shipping Foundation is also planning to create a digital currency under their company.
Vikulov said that they are on the process of creating a payment system capable of cross-border which is easier and faster compared to what is in existence. In terms of their knowledge, this is the very deal in the freight industry done using cryptocurrency.
The transaction was prompted by the desire of the industry to text the capacity of the blockchain technology and the impact of cryptocurrency in making transactions efficient. Data sharing will also be made easier between partners and other sectors of the supply chains.
The company is also waiting to have a banking license in order to operate in Gibraltar where they can manage the transactions utilizing the cyrptocurencies issued by the government. In addition, the company is planning to generate funds within this year.
Other industries have also tried using cryptocurrency in their transactions. One example is Louis Dreyfus, a big name in the food trading industry. They used blockchain technology to process the import of soybeans between Shandong Bohi Industry Co in China and United States.
Blockchain technology is believed by experts to be the start of a new era. It will not be surprising if transport companies in Perth will follow suit.