Cargill, Agrocorp, and Rabobank have partnered, along with others, to complete a cross-continental wheat trade transaction from North America to Indonesia in Southeast Asia through a blockchain platform hosted by Singapore-based dltledgers.
The shipment valued at $12 million involved six trading partners, including Cargill, Rabobank North America, Rabobank Singapore, ship owner Amarante, shipping agent Transmarine, and Agrocorp International - all participating on a single blockchain platform. From beginning to end, the trade took a total of five days, settling on April 1, 2020, compared to a month for traditional trading processes.
International commodity trading is one of the more promising channels for the integration of blockchain technology, which provides real-time tracking of multiple participants, eliminates issues of data ownership, and streamlines transactions in a digital, secure, and decentralized way - all key factors when trying to operate during global situations such as the current pandemic.
Lynda Kiernan is Editor with HighQuest Group Media and of the Oilseed & Grain News. If you would like to submit a contribution for consideration, please contact Ms. Kiernan at email@example.com.