Fujitsu, a multinational information technology equipment and Services Company of Japan, and Rice Exchange or Ricex, a Swiss startup, have entered into a partnership to develop a rice trading platform by using blockchain solutions. However, the platform is expected to be officially launched in 2020.
Great to see @ExchangeRice featured on @CNNMoneyCH. As announced at #FujitsuForum we're working with them to transform the rice industry with #Blockchain. https://t.co/4dNc0wsHWb — Fujitsu Global (@Fujitsu_Global) November 13, 2019
According to Ledger Insights, the global rice industry is worth over US$450 billion. As rice trading still relies on paper-based transactions, which are much slower than digital transactions, blockchain technology can help to speed up processes and allow rice traders to connect to buyers around the world with more convenience.
Another issue found in the rice industry is determining the various strains of rice traded around the world. With blockchain, buyers can trace the origin of rice through the platform, which is more transparent than traditional systems.
It has been analyzed that Ricex revealed that with its platform, rice trading will be digitized while importers, exporters, wholesalers, producers, regulators, and other stakeholders will be able to access the information relating to rice on the blockchain.
However, the startup will enhance the efficiency of the trading process by providing shipping information and insurance to its members.
Stephen Edkins, the CEO of Ricex, stated:
“The Rice Exchange platform brings transparency, efficiency, and security to the global rice trade.” Stephen Edkins
“People […] want to have a choice of different rice. These sell for higher prices, but each time you buy one of these varieties, you want to know that you’ll get what you paid for. It comes back to having transparency in the supply chain.” Stephen Edkins