Professional Documents
Culture Documents
13/02/2019
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Today’s agenda
Industry painpoints
Sharing our experience
Digital transformation (i.e. impact of blockchain & digital technologies)
Scale & adoption of digital technologies
Cryptocurrencies
Blockchain technology options (Ethereum vs. Corda vs. Hyperledger, etc.)
Cost of building a platform
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The Context
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The Objective
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The Objective
… to an orchestrated ecosystem
Data-driven Secured
business & auditable
Standardized Seamless
terms & clauses transfer of information
Efficiencies Reduced
available to all manual interferences
Automated Real-time
cross validation visibility
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Our journey started 18 months ago…
Our goal was to innovate and explore how a blockchain-based platform could work
In a joint effort between LDC and 3 partner banks (ING, Société Générale, ABN AMRO)
with experience in building blockchain prototypes, we developed the solution over 6 months
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LDC Pilot – What’s it all about?
Sells
LDC GUANGXI BOHI
Buys
CONTRACT
Smart contract
applicable (i.e. • US No.2 soybeans
transaction based on
defined conditions) • 64kMT +/-10% at Seller’s option
• Delivery in November
Parallel run (i.e. we • USC146 over CBOT Nov17 CNF
were able to measure
the benefits at each • Quality: Protein 34.5% Basis / 34% Min, Oil
18.5% Basis / 18% Min, Moisture 14% Max
step)
• Phytosanitary requirements
• Other specifications
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Proof of concept scope
Out of scope
Appointment of
3rd party Docs issued Docs presented Payment
providers
Customs Load/discharge
Lay-time LOI process
clearing logistics
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Buyer & seller agree on contract terms & sign digitally
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Buyer triggers LC request & seller’s bank confirms digitally
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Agents & inspectors are appointed & input relevant data
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Auto matching digital docs & LC terms
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Payment can be made
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Observed benefits
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Lessons learned…
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The path to scale & adoption
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Our long-term vision: An ecosystem of interconnected platforms
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Recommendations for the sugar industry
Don’t
Identify your pain re-invent
Investigate ways Promote an Seek broad
points & the real the wheel!
to standardize industry-wide participation from
business
operations for the effort, avoiding all parties to drive Leverage the
problems your
benefit the entire mono-branded an adoption & critical mass that
industry wants to
industry initiatives network effect other initiatives
solve
can bring
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