Global Smart Commodity Group, a multi-asset class commodity exchange, announced that Salus, the blockchain-based commodity trading platform, will begin providing live livestock as a traded commodity.
Intended to speed up the commodity trading process, two types of live cattle will be offered on the platform: live cattle and feeder cattle. Salus will also provide producers with the ability to list identifiers such as weight, sex classification, country of origin, age, breed, genetics and other environmental factors.
“Adding the live cattle offering on Salus is a necessary technology transition,” said Bryce Everett, GSCG Cattle SME. “People have been looking for this type of option for some time, and they’re looking for a fairer and more efficient way to trade livestock. We’re very excited about how the outcome will turn out.”
The goal of offering live cattle on the platform will benefit small processors, those beyond the big names, providing a global platform for a farmer and rancher, helping to increase profits. Each live cattle contract will be worth 40,000 pounds or 40 head.
Salus was created using blockchain technology. Its grow cycle tracking technology provides users with a real-time seed-to-delivery monitoring feature that authenticates the origin of products and monitors the transaction at every stage of the supply chain.
“Offering live cattle on the platform essentially levels the playing field,” said Jack Bouroudjian, president of GSCG. Buyers can currently acquire live cattle from stockyards, but this is an unfair system as it resembles an oligopoly. Having access to live cattle on Salus democratizes the process.”
The Salus platform will make it nearly impossible to alter or falsify documents about lab results, quality, quantity, or other characteristics, and improve supply traceability at every stage. By integrating the use of blockchain technology creating a smart contract process, GSCG has found a much-needed solution incorporating a central price discovery mechanism with state-of-the-art technology and supply chain management. And selling stolen goods is next to impossible on GSCG’s platform because there is a constant chain of custody through captured data stored on the blockchain.
The platform is currently available for producers, buyers and sellers of raw materials. The company hopes to further expand the functionality of the platform.