Rabobank has reportedly disclosed details regarding the finalization of a million intercontinental commodity trade settlement, equivalent to $12 million, with the help from blockchain. 

Specifically, Rabobank – a Holland-based firm working in the multinational banking and financial sector – has reportedly entered a partnership with agricultural heavyweight Cargill, and agri-commodity trading firm Argocrop International, to supervise the trading process of wheat, coming from North America to Southeast Asia.

A blockchain platform from Singapore known as “dltledgers” has reportedly been selected to make the process more efficient, compared to the conventional method of cross-continent trading, which requires a month-long period to be completed. 

Dltledgers blockchain platform was reportedly utilized to streamline end-to-end digital trade executions, as well as help digitize relevant papers and process for trade execution process, which ultimately brought down settlement finalizing time to 5 days. 

“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.” Jennifer Davidson – Cargill head of trade execution – reportedly remarked. 

Mario Cortinhal and Olivier De Jong – primary facilitators for Rabobank in North America and Singapore respectively – reportedly claimed that consensus-driven smart contracts have greatly contributed to reducing the time required to process documents to the minimum.