As the world battles with coronavirus, agriculture firms Agrocrop and Cargill have successfully traded about $12M worth of wheat from North America to Indonesia using blockchain.
Efficient and Transparent
Usually, a trade on such a massive scale takes days to get settled and there is confusion and glitches midway due to lack of clarity. But this time, blockchain made it possible for the trade to be settled on 1 April 2020, exactly five days later after it was initiated. The process is reported to have been carried out with high transparency, security, and efficiency.
The transaction was made through a Singapore-based blockchain platform called Dltledgers, which is based on the Hyperledger Fabric. Also, participants in the transaction were the international cooperative bank firm, Rabobank, the shipowner Amarante, and the shipping agent Transmarine.
Blockchain Witnessing High Acceptance
With the spread of the pandemic, the world has been brought to a standstill. Traditional businesses are struggling to keep afloat as all physical interactions remain curtailed under a global lockdown.
Only recently, IMF called in a blog post, the situation the worst economic downturn since the great depression. It reveals that global growth in 2020 is likely to fall by 3%. And it even ascertains that the recovery in 2021 is going to be only partial and that the cumulative loss to global GDP over 2020 and 2021 from the existing crisis could be around 9 trillion dollars.
At such a time of economic crisis, blockchain is presenting itself not only as an alternative but a better and a healthy alternative. Countries like China are actively adopting blockchain as a priority of national policies and even firms are making use of it for transactions as we have seen in this report.