Thursday, June 24, 2021
pool-ads
Home Latest News Blockchain Blockchain-based agri-commodity trading platform to tap world’s largest wheat market

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

The agri-trading industry has been eyeing the benefits of blockchain technology in recent years.

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.

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
magazine-ads

Must Read