The international agriculture giants, Agrocorp and Cargill, are in the blockchain news today for trading around $12 million worth of wheat in a trade from North America to Indonesia via the blockchain. As reports show, the transaction was made via the Singapore-based blockchain platform DLTLedgers, which is based on Hyperledger Fabric.
The international cooperative bank Rabobank, the ship owner Amarante and the shipping agent Transmarine also partnered in this transaction. As we could see, the trade settled on April 1 after five days, with reported time savings over manual processes as well as increased security and transparency.
We can also see that the wheat trade transaction over blockchain reduced the need for paperwork and complex traditional trade settlement processes. The key facilitators of Rabobank, Mario Cortinhal and Olivier De Jong stated that the time they would typically spend processing documents had been cut in half.
All of this shows that blockchain may be going mainstream and could move from the cryptocurrency news to the general public once more transactions and trades like these start occurring. Ditledgers’ platform for blockchain transactions has so far facilitated north of $2 billion in trade for 400 companies, 45 banking partners as well as thousands of other ecosystem partners.
The CEO of the firm, Samir Neji, said that the major cross continent wheat trade had “proven our blockchain solution’s ability to go mainstream.” Additionally, reports show that Agrocorp has been working with blockchain based trades for over a year. As Jumpstart Magazine once reported, Agrocorp’s Sustainability Manager Abhinav Vijay once said:
“Considering the current world climate and the logistical challenges to move physical documents around the globe, this is just a start and we hope to execute more trades via the platform in the near future.”
All of this proves that blockchain trades may be the future – especially for intercontinental trades and transactions. The valuation of blockchain technology is still not precise given the numerous applications around the world.
However, what everyone should know is that whether it is wheat trade or any other transaction, blockchain provides three key capabilities: access control, security and transparency. All of this makes the technology secure, encrypted and ready to be visible only to the participants that are involved.
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