LOGO_CRYPTO_SIGHT

World’s Sugar Refinery Rolled Out Blockchain-based Commodity Trading Platform

By Tracy Hannes | October 27, 2020
thecryptosight-dubai-land-department-emiratis-etisalat-sign-mou-to-implement-blockchain

The global sugar refining heavyweight Al Khaleej Sugar reportedly disclosed details of its blockchain-based sugar trading platform – DigitalSugar.io.

Specifically, the platform will reportedly utilize blockchain to facilitate token-enabled trading activities of the spot price of sugar 24/7, with the absence of brokers’ involvement, which will also be in line with the Emirate Blockchain Strategy 2021’s goals. 

Said tokens will reportedly be connected to “up to 100,000 tonnes of raw sugar,” with its peg assured by the Universa blockchain – the entity in charge of the issuance of electronic warrants of ownership with the tokens.

Traders can reportedly keep tokens – representatives of between 1 kg to 1M tonnes – in their possession, and will be required to finalize the payment of .4% in exchange fees, together with a 2.5% annual storage fee.

The platform, a collaborative project with the flagship Free Zone and Government of Dubai Authority on commodities trade (DMCC) and Universa Blockchain – will reportedly become the world’s first international exchange to make raw spot sugar trades on an instant basis available to traders and investors, compared to the more well-known approach other exchanges provides. 

“The adoption of this technology will reflect on the quality of life in the UAE and will enhance happiness levels for citizens. 50 percent of government transactions on the federal level will be conducted using Blockchain technology by 2021 … This technology will save time, effort, and resources and enable individuals to conduct most of their transactions in a timely manner that suits their lifestyle and work.” Highness Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, remarked regarding the Emirate Blockchain Strategy 2021 Strategy.

Tags: , ,

Comments