The international agricultural holdings Agrocorp and Cargill used a block-platform dltledgers to sell wheat from North America to Indonesia. The deal totaled $12 mln.
Partners in the deal also included the international cooperative bank Rabobank, ship owner Amarante and shipping agent Transmarine. The deal was settled in five days, which saved time. In addition, the Blockchain has increased the security and transparency of transactions, as well as reduced the need for physical documents and complex traditional settlement processes.
Hyperledger Fabric's international trading platform dlledgers has already helped to execute more than $2 billion in trade transactions for 400 companies and 45 bank partners. The platform's CEO, Samir Neji, said the inter-commontinental wheat trade deal "proved the ability of the block solution to be widespread.
Mario Cortinhal and Olivier De Jong, who handled the deal on Rabobank's side, said the blockbuster helped cut processing time in half. Agrocorp's sustainability manager Abhinav Vijay said:
"Given the current global situation and logistical challenges associated with the movement of physical documents, this is just the beginning. We hope to make more transactions through the platform soon".
Businesses are increasingly resorting to executing block trades. For example, in January in Switzerland a major real estate transaction was completed with the help of technology.
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