Nine months ago, we wrote that Singapore startup dltledgers had processed more than $1 billion in trade finance via its blockchain platform. That figure has now passed $3.3 billion since the platform launched 18 months ago.
Dltledger’s core solution is a supply chain traceability blockchain that links to banks, shipping and transport firms as well as insurers. A key reason for its success is the efficiencies it brings by digitizing cross border trade.
Because there’s greater visibility into the supply chain, there’s less risk for banks. Agrocorp, a major agribusiness trader ($3.3 billion revenues), reckons it saves 15-20% on its trade financing costs. When dltledgers processed its first billion, Agrocorp accounted for about 10% of its transactions. Thousands of Australian farmers were onboarded by the agribusiness firm to enable traceability for supermarkets.
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