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After two years of pilot testing, a blockchain exchange and financing platform for global agricultural trade has seen its commercial launch by Swiss developer Cerealia SA.
The launch follows an extensive pre-trial rollout with companies from Algeria, Brazil, Dubai, Japan and Ukraine. In November 2018, Cointelegraph reported on the first use of the platform to conduct a pilot transaction of Black Sea grain from the Russian port city of Novorossiysk.
Cerealia told reporters that it sought to meet 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. CEO Andrei Grigorov said:
“Traders can now be 100% certain that they have actually made the trade, compared to traditional telephone brokerage. Immediately, they have digitally signed contracts and records recorded on the blockchain “forever”. “
As the world’s largest producer of wheat, transactions in the Russian market also include trading in corn, barley and other grains and vegetable oils. According to Cerealia, transaction volumes in the first week of launch are reaching 20,000 tons of wheat.
Earlier this fall, the world’s leading agri-food companies 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. Between them, the trading partners involved handle approximately 550 million tons of cereals and oilseeds per year.
