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COFCO International joins the ABCD initiative to bring Blockchain to the agricultural sector
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Agricultural Activity Platform COFCO International works with four global farms to standardize data and digitize global agricultural transport transactions.
COFCO International is the overseas business business platform for COFCO Corporation, one of China's state-owned holdings. The company is focused on being a leader in global cereals, oilseeds and sugar supply chains, with operations across the Americas, Europe and the Asia-Pacific area. In 2017, COFCO International managed over 100 million tons of associated raw materials with a turnover of 34 billion dollars.
COFCO will join the blockchain ABCD initiative, launched in October by ADM, Bunge, Cargill and Louis Dreyfus, to study how to standardize and digitize global agricultural transport transactions for the benefit of the entire sector. The initiative will initially focus on the development of technologies to automate the processes of post-trade execution of cereals and oilseeds, significantly reducing the costs and resources needed to move documents around the world.
The ultimate purpose of the ABCD blockchain initiative is to digitize manual, paper-based processes related to contracts, invoices and payments in order to improve security, reliability, efficiency and transparency.
"We are pleased to join this initiative as a founding member," said Johnny Chi, President and CEO of COFCO International. "Emerging technologies such as blockchain give us the opportunity to create a transparent, secure and efficient platform and to transform global agricultural trade operations Our shared vision is to develop a new standard available to everyone, bringing benefits at the sector level. "
