Agricultural Corporations Agree on Using Blockchain Technology in Grain Trading

The biggest agricultural corporations in the world which are popularly known as ABCD is said to have formed a partnership with the aim of taking the trading of grain internationally to a whole new level. They hope to achieve this through the use of the Blockchain technology in collaboration with Artificial Intelligence (AI).

The companies which are known to answer the abbreviation ABCD are the Archer Daniels Midland Company, the Bunge limited company, Cargill Inc. and Dreyfus Company. These corporations are of the opinion that the implementation of the Blockchain technology in grain trading would contribute immensely in making the trading process so much more effective and efficient. It is also an excellent way of reducing the costs. This would slowly remove the need for the creation of contracts through paperwork.

The implementation of the Blockchain technology in grain trading would contribute immensely in making the trading process more effective and efficient.

It is believed that at first, the addition of AI and the Blockchain technology would only be used to improve the automation of grain trading and the execution of the processes after the trade has been completed. It is believed that the ABCD long-term plan is to ensure that the Blockchain technology is fully ingrained into the agricultural system. This would include the integration on the Blockchain technology into such places like the storage processes, shipping procedures and so much more.

The chief executive officer of Dreyfus Company discussed the possibility and the potential which AI and the Blockchain has and the role they are to play to make sure that the agricultural system keeps on developing as it should. He asserted that it would ensure that the time which is spent on the various processes would be shortened by a large margin.

The various corporations which specialize solely on foods have been trying to analyze ways in which they can allow the Blockchain technology to be used in the processes involved and the supply chain in general. This can be seen when ABCD and so other parties allowed a shipment which was based on the Blockchain technology way back in January of this year. This shipment was used to deliver soya beans to China. This was done with the help of the Blockchain platform Easy Trading Connect.

The dairy associate of farmers in America also known as America’s National Milk Cooperative is also known to have pushed and started the use of solutions which are decentralized in nature through the states which they have members in. also, Albert Heijn which is a Dutch superstore has made use of the Blockchain technology to manage and regulate the production of orange juice.

It is believed that in the next five years, the use of the Blockchain technology in agricultural markets would hit almost $400 million. It is therefore wise to invest in the Blockchain technology now if you are in the agricultural sector.

Want to read more blockchain and crypto news? Visit our news page.

LEAVE A REPLY

Please enter your comment!
Please enter your name here