Today Singapore startup dltledgers disclosed a $12 million trade finance transaction involving a cross-continent shipment for agribusiness firms Cargill and Agrocorp, involving Rabobank and others. This wasn’t a blockchain pilot since the dltledgers supply chain platform has been in production for 18 months and has processed more than $3.3 billion of deals. To date, much of dltledgers’ trade has been focused on Asia, Africa, the Middle East and Australasia. This transaction was for a wheat shipment from North America to Indonesia.
The enterprise blockchain solution enables all participants to have a shared view of the progress of the shipment as it travels across the globe. Given the current disruptions around the world, that transparency is essential. But the biggest win is the commodities trade took five days to settle on April 1st, compared to up to a month.
“Consensus-driven smart contracts in this deal minimized our time spent on processing documents by more than half. Riding on the success of this test-case, Rabobank is excited to advance the USD 10 trillion trade-finance industry,” said Rabobank’s Mario Cortinhal in North America and Olivier De Jong in Singapore.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
