dltledgers, a Singaporean blockchain startup has announced that its Hyperledger Fabric-based blockchain solution has been used by Cargill, a global agribusiness corporation and Agrocorp, a leading integrated agricultural commodity and food solutions provider, to facilitate a $12 million export of wheat from North America to Indonesia, reports Jumpstart on April 16, 2020.
dltledgers Blockchain Reach Significant Milestone
At a time when some critics still doubt the potential of distributed ledger technology (DLT), dltledgers, a Singapore-based blockchain project has proven once again that there’s more to the innovative technology than just powering bitcoin (BTC) and altcoins.
Per sources close to the matter, the dltledgers blockchain solution has successfully facilitated a $12 million commodity trade deal of wheat from North America to Indonesia between Cargill and Agrocorp.
Reportedly, the team leveraged the trustless nature as well as the immutability and transparency properties of blockchain technology to reduce the trade settlement time to just five days.
Other players that also contributed to the deal include Rabobank, a Dutch multinational financial services firm, Transmarine and Amarante.
Commenting on the exciting development, Rabobank’s Singapore and North American facilitators, Mario Cortinhal and Olivier De Jong said:
“Consensus-driven smart contracts in this deal minimized our time spent on processing documents by more than half. Riding on the success of his test-case, Rabobank is excited to advance the $10 trillion trade-finance industry.”
DLT Revolutionizing Trade Finance, Supply Chain and Logistics
Notably, the dltledgers’ blockchain solution is built upon the open-source Hyperledger Fabric platform and has reportedly helped its 400 global traders, and 45 banking partners to facilitate trade finance transactions worth SG$3 billion.
Brian Behlendorf, executive director of the Hyperledger Consortium noted that the blockchain platform is capable of handling complex transactions that include “multiple unconnected counterparties, represent tens of millions of dollars, and involve the registration of hundreds of different data points into the platform.”
It’s worth noting that adoption of dltledgers’ blockchain solution has been on the increase in recent times.
Last September reports emerged that Abu Dhabi Commercial Bank has integrated dltledgers blockchain solution into its processes and used it to facilitate the movement of $6.5 million worth of goods from Canada to Bangladesh.