$400M African fertilizer deal executed on blockchain eases COVID-19 slowdown

Some companies are using blockchain technology to open up the logistics routes that COVID-19 has closed down.A state-owned Moroccan fertilizer company has executed a $400-million transaction using blockchain technology, in what it says is a first for intra-African commerce.

TDB CEO Admassu Tadesse said the bank has been focused on maintaining liquidity, while cross-border trade slowed down due to the COVID-19 pandemic. 

“As part of our response to the pandemic, we have been providing liquidity to our clients to curtail cross-border trade and supply chains disruptions, and ultimately, to help our member states continue working towards their development objectives,” Tadesse said.

Tadesse stated that the utility of blockchain technology had made itself known during the logistics slow-down. “With transport logistics slowing down, blockchain has been instrumental in making this happen,” he said.

Reeference :

https://cointelegraph.com/news/400m-african-fertilizer-deal-executed-on-blockchain-eases-covid-19-slowdown

Hits: 24

Author: Priyanka

Leave a Reply

Your email address will not be published. Required fields are marked *