Cargill, Rabobank Utilize Blockchain for $12mln Wheat Shipment
Rabobank revealed the successful completion of a $12 million cross-border commodity trade utilizing blockchain based platform.
The Netherland headquartered multinational banking and financial services provider and several logistics firms partnered with the US based agro giant Cargill and agricultural commodity trader Argocrop International to administer the shipment of wheat from North America to Southeast Asia.
The participants utilized the Singapore-headquartered firm dltledgers’ platform for simplifying the procedure.
Notably, in conventional process, a month is required to finish a similar transaction. Nevertheless, the companies which took part in wheat trade utilized dltledgers’ blockchain platform for carrying out end-to-end digital trade deals and digitalizing record and trade processing procedures.
This assisted them to bring down the transaction time to a mere five days. Jennifer Davidson, the trade execution head at Cargill, said:
“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.”
Rabobank’s main arrangers, Mario Cortinhal in North America and Olivier De Jong in Singapore, stated that they were able to reduce the time expended on handling records due to the efficiency of protocol-led smart contracts.
Blockchain has seen approval in the food and supply chain sector. From Starbucks to Nestlé, top food companies are continuously widening their blockchain measures.
On April 6, Nestlé stated that it was extending its IBM Food Trust platform based on blockchain technology to Zoégas, a popular coffee brand.