According to bloomberg.com, Cerealia SA launched its blockchain-based physical agriculture trading platform for commercial use, and it allows companies to trade wheat, sorghum and other commodities.
This launch follows large_scale prelaunch trial implementation with firms from Algeria, Brazil, Dubai, Japan and Ukraine.
Transaction volumes range as large as 20,000 metric tons of grain.
CEO Andrei Grigorov stated:
“Traders can now be 100% certain they really did the trade, versus traditional over-the-phone brokerage.”
Russia is the world’s top wheat producer and the transactions in the Russian market also include corn, barley and other grains and vegetable oil markets.
According to cointelegraph, in the early autumn, agribusiness firms from the United States, France, China and the Netherlands launched a joint venture which will use blockchain technology to streamline logistics processes in the agricultural part in Brazil.