• Condensed by Lynda Kiernan

Cargill, Agrocorp, Rabobank Conduct Cross-Continent Wheat Trade Via Blockchain

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.

More on this story

Contribute an article

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 lkiernan@highquestgroup.com.

©2017 HighQuest Group. All rights reserved.

  • LinkedIn Clean
  • Twitter Clean
  • YouTube Clean
  • Google+ Clean