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.
In the wake of the COVID-19 pandemic, the transaction demonstrates the power of partnerships to help ensure the global agriculture supply chain delivers food to where it’s needed in a time of uncertainty.
The shipment, valued at $12 million and settled on 1 April 2020 from North America to Indonesia, occurred with six trading partners participating on a common blockchain platform. Both the platform and the transaction represent a big win for both the blockchain and commodity trading industries.
Partners included Cargill, Rabobank North America, Rabobank Singapore, ship owner Amarante, shipping agent Transmarine, and agri-commodity trader Agrocorp International. The dltledgers blockchain solution is built on the open-source Hyperledger Fabric platform.