The use of blockchain technology in various fields and industries is expanding day by day. Transnational trade and the transfer of physical documents in the current crisis could prolong traditional processes even further. That's why many companies are turning to blockchain solutions to reduce the cost, time, and complex traditional processes. In the latest move, the world's two largest agricultural giants have used a blockchain platform to facilitate the trade of $ 12 million worth of wheat shipments from the United States to Indonesia.
Large international agricultural companies Agrocorp and Cargill exported $ 12 million worth of wheat shipments from the United States to Indonesia using blockchain technology. The deal was made through the Singapore-based blockchain platform dltledgers, which is based on "HyperLogger Factory". Rabobank International Cooperative Bank, Amarante Shipping Company, and Transmarine Shipping Company also participated in the trade. The deal took place on April 1, five days later, saving time for traditional (manual) processes and increasing security and transparency, as well as reducing the need for office formalities (paperwork) and complex traditional business processes. Two members of Rabobank Bank said that with this new approach, the time it takes to process cases is almost halved.
Blockchain enters the realm of business and cross-border exchanges
Dltledgers' blockchain platform has so far facilitated more than $ 2 billion in transactions for 400 companies, 45 banking partners, and thousands of other partners in the ecosystem. Samir Naji, CEO of Dltledgers, said:
Trade between the recent wheat continents proved our ability to block our way into the mainstream.
Agrocorp has been working with blockchain-based trading platforms for more than a year. In an interview with Jumpstart magazine, Abinawi Viji, the company's director of sustainability, said:
Given the current state of the world and the challenges posed by the international transfer of physical documents, the current opportunity can only be considered a starting point, and we hope to make more transactions through this platform in the future.
