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The grain chain: the trade in rice comes on the Blockchain

you bring together producers, traders and buyers: Fujitsu and the Start-up Rice Exchange are launching a Blockchain-a platform for the global rice trade. By An

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The grain chain: the trade in rice comes on the Blockchain

you bring together producers, traders and buyers: Fujitsu and the Start-up Rice Exchange are launching a Blockchain-a platform for the global rice trade.

By Anna Shemyakova
On 7. November 2019BTC $ 8,775.88 -0.05%part Facebook Twitter LinkedIn xing mail

The world's most consumed grain comes to 97 per cent from developing countries. Information about the origin, safety and processing lose stacks often in the paper. You will be transported with the goods and checked manually, mistakes happen and data is lost. If the rice meets the import standard of the respective country, is sometimes unclear. Also, whether it's sustainability, and certification is true. There, the Swiss Start-up Rice Exchange (Ricex) and now developed jointly with Fujitsu, a Blockchain solution to automate the trade. As it is stated in the official communication to all stations from a manufacturer to a consumer is clear and comprehensible.

Fair trade of 7 million tons of rice

to 2020 starts, the Ricex-Blockchain project and cooperates with 400 dealers. You act annually, with seven million tons of rice, secured by the Distributed Ledger technology. As a part of the global production of about 700 million tons can be structured in a clearer way. Since the trade in rice increased five-fold within the last three decades, should also correspond to the processes within the supply chain to the higher Standard.

Over 120,000 varieties of rice there are in the world, the production, prices and quality differ greatly, often verifiable data is missing. A proper documentation using the Blockchain provides transparency, but also lower transaction costs due to the transportation incurred in the examination or processing of Goods.

in The end, the customer can search for certified rice and the dealer can demand a premium for the quality. "The sustainability factor is to some extent built automatically in the Rice-Exchange platform, as well as tracking and country of origin information – a fine example of the versatile Use of the Blockchain technology," explains Frederik De Breuck, head of the Fujitsu Blockchain Innovation center in Brussels.

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The need for food security increases. Customers want to know what you pay for. And traders want security. The US group Walmart, has already for a long time on the traceability by means of a Blockchain. Also, the French retailer Carrefour began to observe the transport routes of poultry with the technology. Other Tech companies such as IBM and financial giants such as MasterCard, invest in food security, particularly for sensitive products such as fish and seafood.

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