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Bloomberg reported that there’s a new blockchain sugar consortium in the works. Fifty people gathered in Dubai in a meeting convened by Jamal Al Ghurair, the managing director of Al Khaleej Sugar which outputs 3% of the world’s refined sugar.
The group took advantage of international executives present for the Dubai Sugar Conference held earlier this week. Al Ghurair was one of the event hosts as well as Jacob Robbins, CEO of Emeterra who is leading the blockchain initiative. One of the sessions was “Blockchain for Sugar” which featured speakers and panelists from blockchain technology company ConsenSys, Louis Dreyfus Company, ABN AMRO and Société Générale.
Many commodity supply chain processes are still hampered by paperwork being emailed around and constant reconciliation. By standardizing and digitizing the trade operations, there’s scope to save significant sums of money.
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