Known as the ABCD of the world agricultural industry, the main companies of the sector have established an association to digitize the international grain trade through blockchain technology and artificial intelligence.
The news was released on Thursday, October 25th, by the Reuters news agency. The ABCD is formed by the giants Archer Daniels Midland Co., Bunge Ltd., Cargill Inc. and Louis Dreyfus Co. Among the objectives of the four companies with this agreement is to transform food trade and production to achieve greater efficiency and transparency, as well as cost reduction. They seek to move from the traditional system, based on paper contracts and invoices as well as manual payments to digital systems.
As indicated by the World-Grain.com media, in the initial stage “they will use blockchain and AI to automate the processes of post-trade execution of grains and oilseeds, which are a very manual and expensive part of the supply chain”. Later, the blockchain will be used in the different stages of the supply chain, which includes storage, shipping and customer experience.
Among the successful experiences of the ABCD can be mentioned the shipment of soybeans based on the blockchain platform Easy Trading Connect (ETC) of Louis Dreyfus Co. in January of this year, from the USA. to China.
For its part, the national dairy industry cooperative Dairy Farmers has tested decentralized solutions among farmer members in 48 states. Also, the Dutch supermarket chain Albert Heijn has used the blockchain to track the production of orange juice.
M.Pino
Source: Cointelegraph
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