Agrocorp blockchain
Talking about agricultural credit and marketing, the survey mentioned that the agricultural credit flow for the year has been fixed at Rs. The Finance Ministry in a statement said that the Agriculture sector which accounts for According to the survey, the sector grew at 3. This is due to the good monsoon, various government measures to enhance credit availability, improve investments, create the market facility, promote infrastructure development and increased provision of quality inputs to the sector, the survey mentioned. The share of the agriculture and allied sector in total GVA of the economy has settled at around 18 per cent in the long term.
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- Cargill and Agrocorp complete groundbreaking $12m intercontinental wheat trade on blockchain
- BRIEF-CFTC fines Agrocorp for call cotton reporting violations
- Amid COVID-19, Agriculture Sector Grows At 3.9% In 2021-22: Centre
- Want to reduce cross-border shipping costs? Here’s one next-generation solution.
- Agrocorp secures US$50m sustainable borrowing base facility from FMO and Rabobank
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- Vijay Iyengar | Finding the right balance on assets
- Singapore Fintech Festival
Cargill and Agrocorp complete groundbreaking $12m intercontinental wheat trade on blockchain
The transaction was made via the Singapore-based blockchain platform Dltledgers. The platform is based on Hyperledger Fabric. International cooperative bank Rabobank, shipowner Amarante, and shipping agent Transmarine, also partnered in the blockchain-based transaction. The trade was settled on 1st April. The transaction over blockchain reportedly helped in time savings over manual processes and increased security and transparency.
The key facilitators of Rabobank, Mario Cortinhal, and Olivier De Jong said the time they had typically spent processing documents had been cut in half. The blockchain technology is being widely used all over the world in various fields. International agriculture giant Agrocorp has been working with blockchain-based commerce for over a year now.
Brian Behlendorf, executive director of the Hyperledger Consortium, said that a single blockchain transaction could include multiple unconnected counterparties, render tens of millions of dollars, and involve the registration of hundreds of different data points into the platform.
The decentralized ledger technology has been hailed as a potential disruptor in the commodities trading segment due to the solutions it provides to eliminate the time-consuming paperwork-heavy and complex traditional trade settlement process. Governments all over the world are studying and researching the technology and its potential use in different sectors.
Save my name, email, and website in this browser for the next time I comment. Advertising Submit Press Release. Sign in. Log into your account. Password recovery. By - Jai Pratap. April 16, Last Modified date - April 16, Agrocorp plans to execute more trades via blockchain in the near future. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things. Jai Pratap - January 31, 0. Read more. Crypto Exchange. Indian crypto sector expects some clear regulations for the industry in the upcoming budget.
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BRIEF-CFTC fines Agrocorp for call cotton reporting violations
Victor Alexiev remembers the moment the debate about the future of financial services switched track and banks started to wrest control of the discussion away from Silicon Valley, Shenzhen and Seattle. This was trickling into the financial industry. Over the next five years a number of banks In a former life, Alexiev, a Bulgarian national living in Singapore, was a serial entrepreneur, founder of technology firm Hacker. Works and a digital consultancy called Innovator.
Amid COVID-19, Agriculture Sector Grows At 3.9% In 2021-22: Centre
When will blockchain come of age in trade? The question appears with relentless regularity on most trade-related conference programmes, and while there have been many proofs of concept and pilots, how close is the industry to seeing action? Digitisation has been difficult: cross-border trade involves many data variables, such as the country of origin and product details, and transactions generate high volumes of documentation — making digitising and standardising a difficult and often uneconomical process. It is for this reason that distributed ledger technologies DLT such as blockchain — which use a consensus formation among participants to enable transactions to take place in the absence of a trusted central authority — have been pursued as possible solutions. Today, corporates are keen to sample the benefits of this technology and simplify the process of trade finance across borders. Banks and technology companies are pairing up and forming a range of consortia to promote the use of blockchain in trade finance. Almost three years later it remains one of the most frequently read articles on this website. This update takes a closer look at the progress made to date, including the key established platforms, the transactions signalling growing trends and the nascent innovations set to shape the trade finance transaction landscape of tomorrow.
Want to reduce cross-border shipping costs? Here’s one next-generation solution.
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Agrocorp secures US$50m sustainable borrowing base facility from FMO and Rabobank
Trade finance is supposed to be the low-hanging fruit, where blockchain finds its easiest opportunity to prove itself as a transformative technology. A global, arcane system beset by paper and stamps and faxes, it is riper for disruption than any other area of banking. It is made to be shaken up by the possibilities of distributed-ledger systems. There has been no shortage of visible effort, from consortia such as Marco Polo and Voltron to regulators such as the Hong Kong Monetary Authority and the Monetary Authority of Singapore; there have been demonstration projects from Cargill and others; but nothing that has looked ready to be truly scale-able and, therefore, viable. In the last few months, however, there have been signs of progress, both in terms of blockchain-based solutions and other forms of innovation that have nothing to do with distributed ledger. They want more partners alongside them — the Sibos launch was, in some sense, a pitch for them — and collectively they want to bring efficiencies to transacting letters of credit.
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Standard Chartered Bank announced the completion of its first blockchain-enabled cross-border trade transaction in Singapore for Agrocorp International and its extended supply chain network. This blockchain technology, which enables parties in the supply chain network to be connected and their trade documents to be generated digitally, streamlines the documentation process and provides security and transparency for involved participants. Such capabilities enable companies to source from farmers according to their own sustainability principles. Singapore is the largest commodities trading hub in Asia, housing over global, regional, and local commodities players across the value chain. Recognising the importance of blockchain technology in transforming trade finance, Standard Chartered plans to extend this solution to more clients in the region and globally. About Newsletter Advertise. Monday, 31 January
Vijay Iyengar | Finding the right balance on assets
TDB and dltledgers have been collaborating since on pioneering the use of distributed ledger technology to execute end-to-end trade finance on the continent. With transport logistics slowing down, blockchain has been instrumental in making this happen. It is a pleasure to work with such a forward-thinking organisation and we are excited to help TDB scale its digital capabilities in and beyond. Blockchain has the potential to revolutionize the way this is done, and to further boost overall global trade volumes thanks to reduced trade costs.
Singapore Fintech Festival
The transaction was made via the Singapore-based blockchain platform Dltledgers. The platform is based on Hyperledger Fabric. International cooperative bank Rabobank, shipowner Amarante, and shipping agent Transmarine, also partnered in the blockchain-based transaction. The trade was settled on 1st April. The transaction over blockchain reportedly helped in time savings over manual processes and increased security and transparency.
The facility is pegged as a fruitful development given the current COVID pandemic, which has challenged global food supply chains, especially in developing markets impacted with reduced food production and rising prices. Over the past month, Agrocorp has increased its efforts to execute business via blockchain solutions that digitized trade documents. This new working capital facility will enable the client to implement a more sustainable food supply chain in emerging countries. Agrocorp is a global supply chain company specialized in various agricultural commodities such as pulses, wheat, rice, oilseeds, sugar and nuts. The company has operations in over 20 countries. In , the company moved more than 12 million tons of goods between cultivation centers such as Australia, Canada, the US, Ukraine, Myanmar and West Africa, primarily into population rich consumption centers in Asia and the Middle East such as Bangladesh, India, China, Turkey, Indonesia and Vietnam. Crucial in ensuring food supply chain security Over the past month, Agrocorp has increased its efforts to execute business via blockchain solutions that digitized trade documents, hence ensuring intercontinental agricultural trade could take place with flights and courier services upended.
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