DBS, Agrocorp launch blockchain platform for real-time updates on commodity trades

BusinessTimes – A NEW blockchain platform is set to help farmers receive payments for their goods more quickly, enabling parties on the supply chain to look into the sources of their commodities and making it easier for them to learn more details of their trade as well. The platform is a collaboration between Singapore’s DBS Bank, commodity trading company Agrocorp International and blockchain provider Distributed Ledger Technologies. It is expected to expand its reach beyond Australia over the next year or so – to other origin markets such as Canada, Myanmar and Ukraine. For a start, the electronic platform connects about 4,500 farmers in Australia to global end-customers such as supermarkets and restaurants. This means parties on the supply chain can check pricing and supply information in real-time, carry out transactions, as well as track the delivery of orders on the go. Singapore is among the top 10 importers of Australia’s agricultural products. Total agricultural goods exported to Singapore in 2016 amounted to A$ 1.2 billion (S$1.18 billion), comprising 2.7 per cent of the nation’s exports. Speaking to The Straits Times ahead of the platform’s launch on Thursday, Agrocorp’s head of business development Vishal Vijay said the practice has been… continue reading

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