Yesterday it was announced that Al Khaleej Sugar is planning a blockchain sugar trading platform. The company is responsible for about 3% of the world’s refined sugar output and will use the Universa blockchain. Additionally, it has signed an agreement with the Dubai free trade zone’s DMCC Tradeflow platform.
The blockchain platform will enable traders to buy, store and trade sugar from Al Khaleej using smart contracts. This will be integrated with the existing DMCC Tradeflow platform, which acts as a central commodity registry in the UAE. As a result of standardized contracts and DMCC certified and rated warehousing, the DMCC issues electronic documents of title, which it calls warrants.
“As the largest standalone sugar refinery in the world, with capacity to hold more than 1.6 million tons of sugar, we are delighted to be able to set up a sugar platform on such a robust and established platform as DMCC Tradeflow,” said Jamal Al Ghurair, Managing Director, Al Khaleej Sugar.
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