Looks like cryptocurrencies are slowly becoming mainstream when it comes to purchase of all kinds of goods and service. Just recently the first known freight consignment was settled in Bitcoin as the deal consisted of 3,000 tons of wheat from Russia that was sent to Turkey.
According to Prime Shipping Foundation, last month Bitcoin was used in a freight deal sent from Russia to Turkey.
The PSF’s CEO Ivan Vikulow hopes the company can lead to processing freight deals more fluidly by using cryptocurrencies such as Bitcoin. Vikulow said : “We are trying to develop a cross-border payment system that’s easier and faster than what’s available now.” after making the first deal.
The ship was carrying 3,000 metric tons of wheat from Russia to Turkey.
Other projects using Bitcoin
There is also another Project called Blockfreight uses both the Bitcoin and Etherium blockchain while utilizing the Inter-Planetary File System protocol within the global supply chain. CEO of Blockfreight, Julian Smith thinks that supply chain dealers won’t even know Bitcoin will be running beneath the system.
As the organizations using Bitcoin and blockchain increases, we can definitely see that the blockchain technology is all over the world and it’s changing the way industries work.