International agricultural holdings Agrocorp and Cargill used the dltledgers blockchain platform to sell wheat from North America to Indonesia. The deal was worth $12 million.
Rabobank, an international cooperative Bank, Amarante, a ship owner, and Transmarine, a shipping agent, also became partners in the deal. The deal was settled in five days, which saved time. In addition, blockchain has increased the security and transparency of transactions, as well as reduced the need for processing physical documents and complex traditional payment processes.
The hyperledger Fabric-based dltledgers international trading platform has already helped execute more than $2 billion in trade deals for 400 companies and 45 banking partners. The platform’s CEO, Samir Neji, said that the wheat trade deal between the continents “confirmed the ability of the blockchain solution to be widely distributed.”
Mario Cortinhal and Olivier De Jong, who carried out the transaction on the side of Rabobank, noted that thanks to the blockchain, the time for processing operations was halved. Agrocorp sustainability Manager Abhinav Vijay said:
“Given the current situation in the world and the logistical problems associated with the movement of physical documents – this is just the beginning. We hope to make more transactions through the platform in the near future.”
Businesses are increasingly resorting to making transactions on the blockchain. For example, in January in Switzerland with the help of technology has completed a major deal for the sale of real estate.