Agricultural Companies To Trade Grain On Blockchain
Four leading global agricultural companies have decided to cooperate in order to use blockchain technology together with AI in the cereals trade, Reuters reports.
American companies Archer Daniels Midland, Bunge, Cargill, and the Dutch company Louis Dreyfus, generally known as ABCD, believe that the implementation of the blockchain-related project will help make grain trade more transparent and efficient, as well as reduce expenses. Previously, regular paper contracts and invoices were used in the sales system, and payments were made manually.
As follows from the agricultural news website World-Grain.com, blockchain and AI will be used to automate the production of cereals and oil, processes that are considered one of the most expensive and labor-intensive. Ultimately, ABCD will integrate distributed ledger technology at various levels of the supply chain, including delivery, storage, and customer service.
Blockchain can help in the development of agricultural production: the technology will increase efficiency and reduce the processing time of documents and other data, Ian McIntosh, CEO of Louis Dreyfus, stated.
Agriculture has always been a technological industry. Farmers are looking for innovations that will make their work more efficient and profitable, Cargill Executive Director David MacLennan stressed.
As previously reported, the Bitcoin blockchain was used in cargo transportation in the US.