Agrocorp and Cargill recently sold 12 million dollars worth of wheat from North America to Indonesia through the network chain.
The transaction was made through the dlt ledgers blockchain platform based in Singapore, which is built on Hyperledger Cloth. The multinational cooperative bank Rabobank, the ship owner Amarante, and the shipping company Transmarine, were all interested in the trade.
Trade which was initiated on April 1 after five days has cut down the amount of time compared to manual methods as well improved accountability. The deal eliminated the need for documentation and complicated conventional trade arbitration procedures.
The main facilitators of Rabobank, Mario Cortinhal and Olivier De Jong, said that the time they normally spent reviewing documentation had been reduced by half.
Dltledgers network application has so far supported more than $2 billion in exchange for 400 firms, 45 banking partners, and thousands of other technology members. CEO Samir Neji said the new cross-continent wheat exchange had "proved the potential of our blockchain technology to be popular."
So far, Agrocorp has been collaborating with blockchain-based companies for over a year now.
Source: Cointelegraph
