Blockchain agricultural commodities trade to exploit world’s largest wheat market

Blockchain will speed up Europe’s grain trade.

Blockchain agricultural commodities trade will exploit the world’s largest wheat marketNOTÍCIAS

After two years of pilot testing, a blockchain financing and trading platform for global agricultural trade was launched by Swiss developer Cerealia SA.

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The launch follows a broad experimental pre-launch implementation with companies from Algeria, Brazil, Dubai, Japan and Ukraine. In November 2018, Cointelegraph reported on the initial use of the platform to conduct a Black Sea wheat pilot transaction in the Russian port city of Novorossiysk.

Cerealia told reporters that it sought to meet the need for a rapid trading platform in the global Russian wheat market and combine it with a more reliable, transparent and technologically sophisticated execution programme. CEO Andrei Grigorov said:

„Traders can now be 100% sure that they have actually done the trading, compared to the traditional telephone brokerage. Instantly, they signed contracts digitally and registered blockchain registrations ‚forever‘. ”

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As the world’s largest producer of wheat, transactions on the Russian market also include maize, barley and other grains and vegetable oil. According to Cerealia, transaction volumes in the first week of launch are reaching 20,000 metric tons of grain.

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Early this fall, leading agribusiness companies in the United States, France, China and the Netherlands launched a joint venture that will use blockchain technology to optimize logistics processes in the agricultural sector in Brazil. Among them, the trading partners involved move some 550 million tons of grain and oilseeds per year.