BLOCKCHAIN WILL BE USED TO SELL SUGAR

At the meeting of Dubai entrepreneur and managing Director of Al Khaleej Sugar Jamal al Gurair with stakeholders, it was decided to study the use of blockchain in the sugar industry. Among those present at the meeting were bankers from ABN Amro Bank NV and Societe Generale SA, as well as representatives of ConsenSys.

This initiative follows the decision of four longtime competitors in agribusiness to join together for the standardization and digitization of trade. Archer-Daniels-Midland Co., Bunge Ltd., Cargill Inc. and Louis Dreyfus Co. known as ABCD, last year they began studying blockchain and AI technology in order to reduce costs and increase transparency of trading operations.

Sugar trade using blockchain technology is considered as part of the simplification of trade and transport operations of one of the most important agricultural sectors. The group for the production of sugar on the blockchain will be headed by veterans of the industry, including CEO of agribusiness Emeterra Jacob Robbins, a former buyer of sugar in Coca-Cola Jeff Bauml, as well as Nigel Durham from the London sugar Association, which develops the rules of contracts for the sugar industry.