In Russia grains by means of a blockchain will keep account

In the middle of October, 2019 it became known of the project on digitalization of accounting and trade in grain in spot market in Russia. It is for this purpose going to use a blockchain.

The National Settlement Depositary (NSD) and Rosselkhozbank will release tokens on the grain which is in a warehouse and recorded in warehouse receipts write Vedomosti with reference to the chairman of the board of NSD Eddie Astanin.

After the company delivered grain on a warehouse, received about it the receipt in bank and that provided it in NSD, in a blockchain system the token with detailed specification of this grain will appear, he explained.

It became known of the project on digitalization of accounting and trade in grain in spot market in Russia

It is supposed that such technology will simplify the system of trade and also will minimize risk of the wrong calculation.

According to Eddie Astanin, using digital assets it is possible to sell fractional lots of grain. By October, 2019 the grain car acts as fundamental unit of biddings. It is theoretically possible to buy a smaller lot, but grain will be more expensive, he added.

In April, 2019 the Moscow Exchange faced "a number of cases of shortage of the grain acting as providing according to transactions of swap transactions, presumably owing to plunder". So, the shortage is detected on six large elevators in different regions. Against the background of what the exchange had to create reserves for 2.4 billion rubles. Upon plunders opened criminal case, and the exchange stopped all exchange transactions in the grain market.

The chairman of the board of NSD did not call start terms a blockchain project for grain, but assured that by October, 2019 its technology part is ready. At the same time accounting of tokens requires separate regulation which is absent yet, Astanin noted.

Vedomosti writes that the NSD also conducts negotiations with VTB and the Consolidated grain company concerning digitalization of accounting of grain using a blockchain.^[1]

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