Home Blockchain Commodity trading gets sweeter with blockchain-based sugar exchange

Commodity trading gets sweeter with blockchain-based sugar exchange



The world’s largest sugar refinery, Al Khaleej Sugar, officially announced the application of blockchain technology in its recently launched sugar trading platform, DigitalSugar.io.

Users of the UAE-based platform will trade the spot price of sugar via tokens tied to “up to 100,000 tonnes of raw sugar,” with its peg assured by the Universa blockchain who will be issuing electronic warrants of ownership with the tokens. Traders will be able to hold tokens representing between 1 kg to 1M tonnes, and will pay .4% in exchange fees as well as a 2.5% yearly storage fee.

The platform, launched in partnership with the flagship Free Zone and Government of Dubai Authority on commodities trade (DMCC) and Universa Blockchain, will be the first global exchange to offer traders and investors raw spot sugar trades on an immediate basis, rather than the more common options or futures offered by other current exchanges.

Jamal Al Ghurair, Managing Director, Al Khaleej Sugar, said that the launch of a blockchain-based sugar trading platform is in line with the wider goals of UAE Blockchain Strategy 2021, which Highness Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched in 2018.

The Emirate Blockchain Strategy 2021 outlines an ambitious plan to migrate at least 50% of government-related transactions onto distributed ledger technology (DLT) platforms before the end of this year.

Sheikh Mohammed said of the Strategy: 

“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.”



Read orginal here

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
472FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,554FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.20
GBP
1.33
CHF
1.10
NOK
0.11
JPY
0.01
CAD
0.77
AUD
0.74

Most Popular

Guggenheim Partners prepares to dip investment fund’s toes into Bitcoin

An SEC filing on Friday indicates that the next Wall Street institution to take a public position in Bitcoin may also be among the...

ICON Monthly Grant Update — November 2020 | by ICON Foundation | Hello ICON World | Nov, 2020

Six New Grant Approvals and Migration to Contribution Proposal SystemGreetings ICONists,We are very pleased to approve another 6 grants in November capping off a...
bitcoin
Bitcoin (BTC) $ 18,107.05
ethereum
Ethereum (ETH) $ 550.73
ripple
XRP (XRP) $ 0.622193
tether
Tether (USDT) $ 0.999755
bitcoin-cash
Bitcoin Cash (BCH) $ 281.08
bitcoin-cash-sv
Bitcoin SV (BSV) $ 168.37
litecoin
Litecoin (LTC) $ 76.12
eos
EOS (EOS) $ 3.01
binancecoin
Binance Coin (BNB) $ 29.69
okb
OKB (OKB) $ 5.30
tezos
Tezos (XTZ) $ 2.37
leo-token
LEO Token (LEO) $ 1.34
cardano
Cardano (ADA) $ 0.160991
monero
Monero (XMR) $ 123.53
stellar
Stellar (XLM) $ 0.196068
chainlink
Chainlink (LINK) $ 13.23
huobi-token
Huobi Token (HT) $ 4.09
tron
TRON (TRX) $ 0.030980
usd-coin
USD Coin (USDC) $ 0.998359
dash
Dash (DASH) $ 106.99
neo
NEO (NEO) $ 17.52
iota
IOTA (MIOTA) $ 0.349096
nem
NEM (XEM) $ 0.178777
zcash
Zcash (ZEC) $ 74.64
maker
Maker (MKR) $ 537.61
paxos-standard
Paxos Standard (PAX) $ 0.999462
ethereum-classic
Ethereum Classic (ETC) $ 6.37
vechain
VeChain (VET) $ 0.015678
true-usd
TrueUSD (TUSD) $ 0.998048
ftx-token
FTX Token (FTT) $ 4.20
kucoin-shares
KuCoin Shares (KCS) $ 0.794662
waves
Waves (WAVES) $ 6.67