The four market leaders in the global grain trade want to digitize your business in the future, and on Blockchain technology. Thus, the ABCD-known Quartet is primarily aimed at cost savings and a more efficient and more transparent flow of Trade. In their approach, the grain dealer may rely on considerable preparatory work. At present, more and more companies to turn to, especially from the logistics sector Blockchain technologies. This is mainly to the Management of their global supply chains.
It acts as a Domino game. To and to a the other trade industry, the potential of the Distributed Ledger technologies (DLT) discovered for your Supply Chain Management. As a recent piece in the American grain traders in the Blockchain to apply now.
The corporate giant Archer Daniels Midland Co, Bunge Ltd, Cargill Inc and Louis Dreyfus Co – better known as ABCD – want to digitize in the future, the international grain trade, and, in addition to artificial intelligence, especially the Blockchain-technologies to come.
This is the four world market leader, announced this week in a joint press statement. Together, they control nearly 70 percent of the global grain trade.
By using the technologies, trade flows and administrative processes to be more efficient in the future, more transparent and more cost-effectively. Because currently, you had to rely on inefficient manual management.
“Many aspects of the agricultural trade are done by Hand and are costly: paper and faxes, manual retyping of data sets, and so on”,
the companies describe their Motivation to Reuters. In addition, each year up to 275 million would be shipped-Mails, to manage the 11,000 container transport.
To deal with the paper mess, if you wanted to. therefore, now first of all, the internal administration and in a second step, the international business transaction using Blockchain technology to digitize To do this, you have ventured back in January a first test run.
ABCD Agenda: Expansion
Further Details, such as a concrete time plan for upcoming pilot projects is not available yet. Clearly, however, that the grain, the Quartet is looking to expand its efforts on the overall market.
“We expect the entire industry to come in this step in order to accelerate progress […]”,
so Soren Schroder, CEO of the Bermuda-based grain giant Bunge.
So we hope that more international retailers to China’s Cofco and a Japanese Misue the initiative to participate.
With a view to the often critically eyeing the market ABCDs of power, this seems quite possible.
The Blockchain in supply chains – already a lot of preparatory work
Complete Barrens, the grain traders do not enter with your next Initiative. Rather, can support the Quartet already on considerable preparatory work. At present, more and more companies are Blockchain-technologies to apply to the Management of their supply chains. Especially the logistics sector surges ahead, and does a lot to help the global trade routes in the future, by using the DLT.
As a recent example, the port cities of Antwerp and Abu Dhabi in mid-October announced a joint Blockchain-partnership. Your pilot project should help in the future, supply chains in the container transport to monitor and to make this more efficient. Similar attempts by car companies such as UPS, Maersk, PIL, but also the Australian sugar merchants, or the Luxembourg diamond producer De Beers.