$400M African fertilizer deal Implemented on blockchain Alleviates COVID-19 slowdown

Some organizations are utilizing blockchain technology to start up the logistics routes that COVID-19 has closed down.
A Moroccan fertilizer firm has executed a $400 million transaction utilizing blockchain technology, in what it says is a first for intra-African trade. The rest of the deals will be executed in the coming months, carrying the complete transaction value to $400 million, reports Global Trade Review.Trade finance deals which are typically executed over a matter of weeks can be redeemed in hours utilizing blockchain, based on OCP Group. TDB formerly used dispersed ledger technology to facilitate the export of about $22 million worth of sugar from India to Ethiopia. The companies say that using blockchain technology simplifies the supply chain process, making it much easier to confirm documentation and enhance transparency.TDB CEO Admassu Tadesse said the bank was focused on maintaining bandwidth while cross-border trade slowed down due to this COVID-19 pandemic.  “As part of our response to the outbreak, we have been offering liquidity to our customers to curtail cross-border trade and supply chains disruptions, and finally, to assist our member countries continue working towards their own development goals,” Tadesse said.Tadesse stated that the utility of blockchain technology had made itself known during the logistics slow-down. “With transportation logistics slowing down, blockchain was instrumental in making this happen,” he explained.

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