Technology
Blockchain Grain Exchange Network See Commercial Launch for Tap Russia Market
Blockchain-based agriculture trade site Cerealia announced its commercial operation, Bloomberg reports Tuesday.
- In an attempt to promote trade in physical food, Cerealia relies on the worldwide market for Russia, the world's main producer of wheat.
- The project has already undergone a series of trial transactions with participant companies from Japan, Dubai, Ukraine, Turkey, Algeria and Brazil, according to the paper.
- Allowing exports of up to 20,000 metric tons, Swiss-based Cerealia aims to have quicker trading and more traceability using blockchain technology.
- Traders will now be 100 % positive that they really did trading, contrary to conventional over-the-phone brokerage, said CEO Andrei Grigorov.
- The agri-trading industry has been observing the possible advantages of blockchain for some time.
- In 2018, four of the largest agricultural companies said they would use blockchain and AI to carry world grain trading to the digital age.
