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$12 million worth of wheat traded between North American and Indonesia via blockchain

International agriculture giants, Agrocorp and Cargill, traded $12 million worth of wheat from North America to Indonesia uti
International agriculture giants, Agrocorp and Cargill, traded $12 million worth of wheat from North America to Indonesia utilizing blockchain technology.

Agriculture giants Agrocorp (1) and Cargill (2) traded worth $12 million worth of wheat from North America to Indonesia using the blockchain technology. The transaction was made via the Singapore-based blockchain platform Dltledgers. The platform is based on Hyperledger Fabric. International cooperative bank Rabobank, shipowner Amarante, and shipping agent Transmarine, also partnered in the blockchain-based transaction. The trade was settled on 1st April. The transaction over blockchain reportedly helped in time savings over manual processes and increased security and transparency.

“Time spent on processing documents had been cut in half.”

The key facilitators of Rabobank, Mario Cortinhal, and Olivier De Jong said the time they had typically spent processing documents had been cut in half. The blockchain technology is being widely used all over the world in various fields. Singapore blockchain platform Dltledgers has so far facilitated more than $2 billion in trade for 400 companies, 45 banking partners, and several other ecosystem partners. Dltledfgers CEO Samir Neji said the major cross-continent wheat trade had proven their blockchain solution’s capacity to go mainstream.

Agrocorp plans to execute more trades via blockchain in the near future.

International agriculture giant Agrocorp has been working with blockchain-based commerce for over a year now. Earlier, Agrocorp’s Sustainability Manager Abhinav Vijay said that considering the current world climate and the logistical challenges to move physical documents around the world, this is just a start, and they hope to execute more trades via the platform in the near future. Brian Behlendorf, executive director of the Hyperledger Consortium, said that a single blockchain transaction could include multiple unconnected counterparties, render tens of millions of dollars, and involve the registration of hundreds of different data points into the platform.

The decentralized ledger technology has been hailed as a potential disruptor in the commodities trading segment due to the solutions it provides to eliminate the time-consuming paperwork-heavy and complex traditional trade settlement process. Governments all over the world are studying and researching the technology and its potential use in different sectors.

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