Global agriculture supply chain partners make cross-continent commodity trade transaction via blockchain
Cargill and Agrocorp, in partnership with Rabobank and other logistics partners, have completed a cross-continent commodity trade transaction of wheat from North America to Southeast Asia on a blockchain platform provided by Singapore-based dltledgers.
Singapore’s fintech firms raised more venture capital in the first nine months of 2019 than in all of 2018. No wonder, then, that senior banking figures are flocking towards tech firms.
Trade finance, essentially, is the bridge between an exporter’s shipment of goods and the importer’s payment against it. Bankers on either side work on the documents and/or finance the transaction on an interim basis. Since a bulk of trade finance transactions are cross-border, information – such as real-time shipping data and credit history – is limited.
Today, development finance institution Eastern and Southern Trade and Development Bank (TDB) said it carried out a blockchain trade finance transaction on dltledgers platform along with Singapore’s Agrocorp. The transaction involved a $22 million white cane sugar trade from Asia to Africa. For dltledgers this represented another milestone after it passed the $1 billion mark in transactions using its platform several months bank. The startup says its the first trade on its platform for Africa and the largest single transaction.