Today a new standards association has been launched targeting digitization in the agricultural commodities sector. The
Global Commodity Technology Association (GCTA) aims to improve trade processes and standardize post-trade execution. Its backers believe that blockchain is on the cards, but first, the data needs to be standardized.
There’s already an agribusiness digitization project that was initiated by
Archer Daniels Midland, Bunge, Cargill, and Louis Dreyfus. Subsequently,
COFCO and
Glencore Agriculture joined. So how does the GCTA differ? According to the new association, its focus is on standards or harmonizing procedures. It won’t be producing any technology, unlike the six-member group.
The founding managing director of GCTA is David Lehman, who was Managing Director of R&D at the CME Group. Prior to that, he was Chief Economist at the Chicago Board of Trade (CBOT) before its acquisition by CME.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
