Rabobank Used Blockchain for Intercontinental Wheat Trade for $12 Mln

International agricultural giants Agrocorp and Cargill sold wheat of $ 12 mln worth with blockchain-based delivery from North America to Indonesia. The transaction was completed through the Singapore blockchain platform dltledgers. An international cooperative bank Rabobank, ship owner Amarante and shipping agent Transmarine partnered for this digital trading process.

Companies involved in the wheat trade used the blockchain platform dltledgers to conduct the digital trading process. The process took only five days, while traditional trading processes can take up to a month. This suggests that blockchain technology can be profitable in many ways and save a lot of time.

According to the partners, the work done is an example of a solution that will ensure effective intercontinental trade of agricultural products after the COVID-19 pandemic.

Image courtesy of Transmarine