Agribusiness company IFFCO Singapore has launched its trade finance blockchain platform developed by blockchain company dltledgers.
The company completed its first live transaction for moving Palm Oil and extracts for IFFCO Group from Malaysia and Indonesia to the Middle East with support from Standard Chartered. UAE-headquartered IFFCO is a major agribusiness company in the region. It also produces foods such as confectionery, cakes, ice cream and others.
The company said it is using blockchain for invoice financing on the buy-side and digital avalisation for Document against Acceptance (DA) on the sell-side. The firm claimed this is the first-ever blockchain digital avalisation, which guarantees payment against a bill of exchange if the importer defaults.
Hyperledger Fabric underpins the dltledgers platform. As of four months ago, it had over 30 banks and more than 360 customers on its platform. Some of the features of the platform include automated trade execution, network collaboration, a digitized trade documents engine, a digital identity engine and a digital assets engine, among many others.
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