Global graintraders modernize commodity trade operations
COFCO International Ltd is partnering with Archer Daniels Midland Company, Bunge Limited, Cargill Incorporated и Louis Dreyfus Company to standardize and digitize global agricultural shipping transactions, Bunge informs.
Together, the companies are looking to increase transparency and efficiency for customers through digital technologies, such as blockchain and artificial intelligence.
“We are pleased to join this initiative as a founding member,” said Johnny Chi, Chairman and CEO of COFCO International. “Emerging technologies like blockchain give us the opportunity to create a transparent, secure and efficient platform and transform global agricultural trade operations. Our shared vision is to develop a new standard available to everyone, bringing industry-wide benefits.”
The partnership is initially focused on developing technologies to automate grain and oilseed post-trade execution processes, significantly reducing costs and resources needed to move documents around the globe. Longer term, the initiative will drive greater security, reliability, efficiency and transparency by digitizing manual, paper-based processes tied to contracts, invoices and payments, with a more modern, digitally based approach.
Previously Kernel informed about the attracted project financing from EIB amounting to USD 250 million.