A blockchain-based trade and financing platform for global agricultural trading has seen its commercial rollout from Swiss developer Cerealia SA after two years of pilot testing.
It has been reported that the launch follows extensive prelaunch trial implementation with firms from Algeria, Brazil, Dubai, Japan, and Ukraine.
However, Cerealia stated that it has sought to address the need for a fast trading platform in the global Russian wheat market and to combine this with a more reliable, transparent, and technologically sophisticated execution program.
Andrei Grigorov, the CEO of Cerealia, said:
“Traders can now be 100% certain they really did the trade, versus traditional over-the-phone brokerage. Instantly, they have digitally signed contracts and blockchain-registered records ‘forever.’”
As the world’s top wheat producer, transactions in the Russian market also include corn, barley, and other grains and vegetable oil trades.
Cerealia further stated that transaction volumes in the first week of launch are reaching up to 20,000 metric tons of grain.
Earlier, world-leading agribusiness firms from the United States, France, China, and the Netherlands launched a joint venture that will use blockchain technology to streamline logistics processes in the agricultural sector in Brazil.
Thus, the commercial partners involved move around 550 million tons of grains and oilseeds per year between them.
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