Last week, India-based Freshstack Technologies, which developed the agricultural marketplace FarmFirst, announced it is adopting the dltledgers blockchain to enable end-to-end digital trading on its platform. Farmfirst helps 23,000 Indian farmers to sell their produce locally and to international traders. With the integration, farmers and commodity traders can use the blockchain platform to create digital contracts, secure trade finance, manage logistics and make payments, particularly for cross border transactions.
Singapore-based dltledgers has been in production for 18 months and processed more than $3 billion in transactions. It has several big names on board, including agribusiness trader Agrocorp ($3.3 billion revenues), which revealed it was saving 15-20% of trade financing costs.
The solution is a supply chain blockchain that connects banks, traders, shippers as well as insurers. Due to the transparency that blockchain provides in terms of trade documents and purchase orders, banks can more accurately gauge the risk and provide credit facilities to farmers.
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