News - The world's largest grain traders have started a collaboration on digitization of trading operations

The world's largest grain traders have started a collaboration on digitization of trading operations December 25, 2018 08:45

The world's largest grain traders, COFCO, Archer Daniels Midland, Bunge, Cargill, and Louis Dreyfus Company (LDC), began collaborating to standardize and digitize global agricultural product delivery operations.This was reported by the Bunge press service, APK-Inform reports.

“New technologies, such as blockchain, give us the opportunity to create a transparent, safe and effective platform for transforming global agricultural trade operations.

Our common vision is to develop a new standard accessible to everyone, bringing industry-wide benefits, ”said COFCO Chairman and CEO Johnny Chi.

AEarlier, the four largest agrotraders in the world, Archer Daniels Midland (ADM), Bunge, Cargill and LDC, planned to fully digitize and standardize global transactions for the transportation of agricultural products.

The partnership is focused on developing technologies to automate the process of after-sales processing of grains and oilseeds, which significantly reduces the costs and resources required to move documents around the world.To make the functionality available as early as possible, it is planned to identify suitable technological solutions and attract partners who can ensure the effectiveness of automated implementation of grain and oilseeds trade.

Blockchain is a chain of transaction blocks, built according to certain rules from the generated transaction blocks. The system is able to record and track any transactions in all areas of application in real time. Forge and change information is impossible. For the first time the term appeared as the name of a distributed database, implemented in Bitcoin cryptocurrency.