IFFCO completes its first ever BlockChain transaction
October 14, 2019
IFFCO Singapore Pte Ltd (ISPL) has pioneered digital flow by running an end-to-end blockchain trade finance transaction. ISPL completed its first live end-to-end trade in blockchain, moving cross border goods on Palm Oil and its extracts, which is USD100M worth of business annually for IFFCO Group from Malaysia/Indonesia to the Middle East.
In collaboration with Singapore-based, award-winning #dltledgers, it uses invoice financing on the buy side and digital avalisation for document against acceptance (DA) on the sell side, marking a milestone in the live blockchain environment.
It demonstrates the dynamic consensus mechanism of blockchain, proving functionality that banks can adopt in the future to ensure authenticity and security in trade finance transactions.