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 laun...



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.”

Source link

COMMENTS

Name

Africa,702,Americas,3696,Art & Culture,13843,Arts,6230,Arts & Design,1476,Asia,3045,Automobile,399,Baseball,484,Basketball,378,Books,3636,Business,5049,Celebrity,2527,Cricket,527,Crime,94,Cryptocurrency,1269,Dance,564,Defense,740,Diplomatic Relations,2404,Economy,967,Editorial,260,Education,1072,Elections,287,Energy & Environment,2915,Entertainment,21598,Environment,3381,Europe,3954,Faith & Religion,181,Family & Life,712,Fashion & Style,2993,Finance,18273,Food & Drink,3490,Football,998,Games,56,Gossip,10152,Health & Fitness,3806,Health Care,760,Hockey,165,Home & Garden,811,Humour,834,Latin America,49,Lifestyle,15637,Media,431,Middle East,1364,Movies,1555,Music,2412,Opinion,2525,Other,10649,Other Sports,4788,Political News,11042,Political Protests,2198,Politics,16865,Real Estate,1641,Relationship,59,Retail,3010,Science,2365,Science & Tech,9205,Soccer,135,Space & Cosmos,251,Sports,10887,Technology,3208,Tennis,489,Theater,1508,Transportation,234,Travel,2408,TV,3437,US Sports,1346,Video News,3531,War & Conflict,936,Weird News,929,World,14964,
ltr
item
Newsrust: Commodity trading gets sweeter with blockchain-based sugar exchange
Commodity trading gets sweeter with blockchain-based sugar exchange
https://s3.eu-central-1.amazonaws.com/s3.cointelegraph.com/uploads/2020-10/93761228-3506-4bbb-8aec-e581611054c5.jpg
Newsrust
https://www.newsrust.com/2020/10/commodity-trading-gets-sweeter-with.html
https://www.newsrust.com/
https://www.newsrust.com/
https://www.newsrust.com/2020/10/commodity-trading-gets-sweeter-with.html
true
732247599994189300
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content