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.
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.