Rabobank Collaborates With Cargill And Argocrop International To Manage Trade Transaction Of Wheat
Rabobank Collaborates With Cargill And Argocrop International To Manage Trade Transaction Of Wheat
April 15, 2020
Rabobank Collaborates With Cargill And Argocrop International To Manage Trade Transaction Of Wheat
Rabobank Collaborates With Cargill And Argocrop International To Manage Trade Transaction Of Wheat
April 15, 2020

Rabobank, the Dutch multinational banking and financial services company, has collaborated with Cargill, the US-based agricultural behemoth; and Argocrop International, the agri-commodity trader, to manage the trade transaction of wheat from North America to Southeast Asia.

It has been reported that the settlement of a $12 million intercontinental commodity trade using blockchain technology. They used the Singapore-based blockchain platform called dltledgers for streamlining the process.

However, completing a similar cross-continent trade using traditional processes could take up to a month. 

The firms involved in this wheat trade used dltledgers’ blockchain platform for end-to-end digital trade executions and digitalizing the document and trade execution process., as this helped them slash the settlement time to just five days.

ALSO READ :  Mizuho Bank And JCB Moves Into Blockchain To Streamline Digital Identity Systems

Jennifer Davidson, the Trade Execution Lead at Cargill, stated:

“We see this transaction as the latest example of how working together and using technology to solve challenges can improve trade, as well as traceability, food safety, nutrition and more.”

Likewise, Mario Cortinhal in North America and Olivier De Jong in Singapore, the key facilitators of Rabobank,  said that they were able to minimize the time spent on processing documents due to the effectiveness of consensus-driven smart contracts.

Thus, blockchain has seen substantial acceptance in the food and supply chain industry.

Source: Cointelegraph | Image: WallpaperAccess


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!