Today Al Khaleej Sugar announced the launch of its blockchain powered sugar trading platform DigitalSugar.io. As reported nine months ago, the solution works in collaboration with the DMCC, the Dubai government’s commodity free trade zone, and uses the Universa Blockchain.
There have been numerous global commodities frauds uncovered in the last few months. Much of this has related to warehouse receipts and bills of lading used to raise finance multiple times. This new solution should help to tackle these issues.
The DMCC Tradeflow platform is being used with the sugar solution, which centralizes the title transfer process for commodities pledged as collateral. This is not dissimilar to the recently unveiled Singapore Trade Finance Registry. The DMCC Tradeflow warrants become negotiable instruments and have been digitized on the Universa blockchain.
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.
