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Blockchain-based agri-commodity trading to tap world’s largest wheat market

Blockchain-based agri-commodity trading to tap world’s largest wheat market

Following two years of pilot testing, a blockchain commerce and financing platform for world agricultural buying and selling has seen its industrial rollout from Swiss developer Cerealia SA.

The launch follows intensive prelaunch trial implementation with companies from Algeria, Brazil, Dubai, Japan and Ukraine. In November 2018, Cointelegraph reported on the platform’s early use to conduct a pilot transaction of Black Sea wheat from the Russian port metropolis of Novorossiysk. 

Cerealia informed reporters that it has sought to handle the necessity for a quick buying and selling platform within the world Russian wheat market and to mix this with a extra dependable, clear and technologically subtle execution program. CEO Andrei Grigorov stated:

“Merchants can now be 100% sure they actually did the commerce, versus conventional over-the-phone brokerage. Immediately, they’ve digitally signed contracts and blockchain-registered data ‘perpetually.’”

Because the world’s high wheat producer, transactions within the Russian market additionally embody corn, barley, and different grains and vegetable oil trades. Based on Cerealia, transaction volumes within the first week of launch are reaching as much as 20,00zero metric tons of grain.

Earlier this fall, world-leading agribusiness companies from the US, France, China and the Netherlands launched a three way partnership that will use blockchain know-how to streamline logistics processes within the agricultural sector in Brazil. Between them, the industrial companions concerned transfer round 550 million tons of grains and oilseeds per 12 months.

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