Blockchain Grain Trading Platform Sees Commercial Launch to Tap Russia Market
Agri-trading platform Cerealia will focus on international trading for the world's largest wheat market, Russia.
Nov 10, 2020 at 11:06 a.m. UTCUpdated May 9, 2023 at 3:13 a.m. UTC
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Blockchain-based agriculture trading platform Cerealia has announced its commercial launch, Bloomberg reports Tuesday.
- Aiming to facilitate trading of physical grains, Cerealia is focusing on the international market for Russia, the world's largest wheat supplier.
- The project has already undergone a series of trial transactions with participating companies from Japan, Dubai, Ukraine, Turkey, Algeria and Brazil, per the report.
- Allowing shipments as big as 20,000 metric tons, Switzerland-based Cerealia aims to provide faster trades and more traceability using blockchain tech.
- “Traders can now be 100% certain they really did the trade, versus traditional over-the-phone brokerage,” CEO Andrei Grigorov said.
- The agri-trading industry has been eyeing the potential benefits of blockchain for some time.
- In 2018, four of the biggest agricultural corporations said they would use blockchain and AI to bring the international grain trade into the digital age.
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