October 19, 2022
Global Smart Commodity Group, a multi-asset class commodities exchange, has announced that Salus, the commodities trading platform built on blockchain technology, will begin providing live cattle as a traded commodity.
Intended to speed up the commodity trading process, there will be two available types of live cattle offered on the platform: live cattle and feeder cattle. Salus will also provide producers the ability to list identifiers such as weight, sex classification, country of origin, age, breed, genetics and other environmental factors.
"The addition of offering live cattle on Salus is a necessary transition of technology," said Bryce Everett, GSCG's Cattle SME. "People have been searching for this type of option for a while, and they have been looking for a more fair and efficient way to trade cattle. We're very excited about how the outcome will play out."
The goal of offering live cattle on the platform will benefit smaller processors, those beyond the big names, giving a global platform to a farmer and rancher, helping to increase profits. Each contract of live cattle will be equivalent to 40,000 pounds, or 40 head.
Salus was created using blockchain technology. Its Growth Cycle Tracking technology provides users a real time seed-to-delivery monitoring feature which authenticates the commodities' origins and watches over the transaction in each stage of the supply chain.
"Offering live cattle on the platform basically levels the playing field," said Jack Bouroudjian, chairman of GSCG. Buyers can currently acquire live cattle at stock yards, but this is an unfair system because it resembles an oligopoly. Having the access to live cattle on Salus allows for the process to be democratized."
The Salus Platform will make it nearly impossible to alter or forge documentation on lab results, quality, quantity, or other characteristics, and will improve supply trackability at every step. Incorporating the use of block chain technology creating a smart contract process, GSCG has found a much-needed solution incorporating a central price discovery mechanism with cutting edge technology and supply chain management. And selling stolen property is virtually impossible on GSCG's platform because there is a constant chain of custody via captured data stored on the blockchain.
The platform is currently available to commodity producers, buyers and sellers. The company hopes to further extend the functionality of the platform.
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