Today, Fujitsu announced a partnership with Switzerland-based startup
Rice Exchange (Ricex) for its blockchain rice trading platform. The Ricex platform is scheduled to launch in 2020.
With a global market value of $450 billion, rice is one of the most traded agricultural commodities in the world. But commodity trade is marred with inefficiencies due to paper-based transactions, which are slow and prone to error.
The problem the industry is facing is due to the wide variety of rice. Each strain differs in quality, taste and fragrance, all of which decides the price of rice. Currently, Japonica and Basmati have the highest market share, but selling substandard varieties under these names is not uncommon.
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