Singapore’s DBS Bank, commodity trading company Agrocorp International and blockchain provider Distributed Ledger Technologies are joining hands to set up a new blockchain platform to help farmers receive payments for their goods more quickly. The platform is expected to help parties on the supply chain to look into the sources of their commodities, making it easier for them to learn more details of their trade as well. Initially the platform will connect about 4500 farmers in Australia to global end-customers such as supermarkets and restaurants. 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. The transactions can be in any currency. Singapore is among the top 10 importers of Australia’s agricultural products. The platform is expected to cater to entities beyond Australia over the next year to markets such as Canada, Myanmar and Ukraine.
