Global agriculture supply chain partners have completed a cross-continent commodity trade transaction of wheat from North America to Southeast Asia using a blockchain technology platform.
Cargill and Agrocorp, in partnership with Rabobank and other logistic partners, settled the shipment using a common blockchain platform provided by Singapore-based Dltledgers.
According to the partners, the transaction demonstrates a solution to help ensure intercontinental agricultural trade takes place efficiently in the wake of the Covid-19 pandemic.
The shipment, valued at $12 million, was settled on 1 April 2020 and took place from North America to Indonesia.
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.
The blockchain platform reportedly provides a repeatable framework for end-to-end digital trade executions, digitalising the document and trade execution process creating a shared, single source for all parties.
Blockchain technology allows real-time monitoring by multiple parties, dispenses with concerns about data ownership, and simplifies the exchange of documents.
“We are constantly seeking ways to work with our partners to help make food and agricultural supply chains more inclusive and respond to demands,” said Jennifer Davidson, trade execution lead at Cargill.
Davidson added: “We see this transaction as the latest example of how working together and using technology to solve challenges can improve trade, as well as traceability, food safety, nutrition and more.”
Samir Neji, CEO of Dltledgers, said: “Our ready-to-use, plug-and-play modules make it relatively straightforward to set up and to implement blockchain throughout a supply chain or cross-border trade flow.
“We’re extremely excited about the increasing levels of adoption we’re witnessing. I believe we and our platform participants are well positioned to benefit as commodity trade continues to digitise, and blockchain adoption proliferates.”
Blockchain technology is being increasingly used by companies in a wide variety of sectors. Most recently, Nestlé has enabled consumers to trace their coffee products.
© FoodBev Media Ltd 2020