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Abstract

A blockchain is a distributed, public or private digital ledger that uses cryptography to record transactions across computer networks to prevent records from being altered retrospectively. This paper illustrates the impact of blockchain technology on total cost, time, and risk in international commodity trading using a hypothetical case of soybean trade from Jamestown, North Dakota, to China. The results suggest that the savings include 2.3 cents per bushel of soybeans and a 41 percent reduction in the total time, including documentation and transit time. Further, the 5 percent value-at-risk model shows a reduction of 2.6 cents per bushel of soybeans traded using blockchain technology. These results are significant for agribusinesses and other agricultural stakeholders who are evaluating the benefit of adopting blockchain technology in international commodity trading.

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