International agriculture giants, Agrocorp and Cargill, have traded $12 million worth of wheat from North America to Indonesia via the blockchain. The transaction was made via the Singapore-based blockchain platform dltledgers, which is based on Hyperledger Fabric. International cooperative bank Rabobank, ship owner Amarante, and shipping agent Transmarine, also partnered in the transaction. The trade settled on April 1 after five days, with reported time savings over manual processes and increased security and transparency. The transaction reduced the need for paperwork and for complex traditional trade settlement processes. Rabobank’s key facilitators, Mario Cortinhal and Olivier De Jong said the time …

Dutch multinational banking and financial services company Rabobank recently announced the settlement of a $12 million intercontinental commodity trade using blockchain technology. Rabobank and other logistics companies collaborated with the United States-based agricultural behemoth Cargill and agri-commodity trader Argocrop International to manage the trade transaction of wheat from North America to Southeast Asia. They used the Singapore-based blockchain platform called dltledgers for streamlining the process. Five days for the trade It was reported that completing a similar cross-continent trade using traditional processes could take up to a month. However, the firms involved in this wheat trade used dltledgers’ blockchain platform …

European blockchain trading platform we.trade confirmed it had completed its first live operations today, July 3, involving twenty companies and five major banks. The blockchain platform, which claims to provide a “more efficient and cost effective way” for banks and businesses to trade worldwide, uses IBM’s Blockchain Platform, powered by Hyperledger Fabric. Part of various blockchain solutions currently under appraisal by the banking sector, the platform counts Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit as its founding members. Together, according to Dutch institution Rabobank, the collaboration highlights the banks’ ability to “innovate.” “These trade(s) represents …