The cryptocurrency market has not only promoted tokens on charts, but also the underlying blockchain technology. Some members of the industry would say that the advent of blockchain technology has changed facets of several industries, ranging from manufacturing to banking.
According to the latest reports, the Dubai Multi Commodities Center has announced the launch of its native platform for sugar trade. This blockchain-based platform was created in a tie-up with one of the world’s largest sugar refineries in the world, Gulf Sugar Company.
The platform was launched with its own mobile application that would provide customers with the ease and comfort of any other major app, but obviously more targetted towards sugar trading. The DigitalSugar platform will ensure that individual and wholesale buyers have a seamless experience when buying the commodity without the usual hindrances. Sources have informed that DigitalSugar will be supported by the Dubai Multi Commodities Centre’s ‘TradeFlow’ platform.
The launch of the latest venture has drawn a lot of attention from all across the world with several prominent personalities giving their take on it. Creating a platform to trade in one of the most important soft commodities in the world is expected to set a new precedent in the blockchain industry. Sanjeev Dutta, the Executive Director of Goods and Financial Services at the Dubai Multi Commodities Center had said:
“The center’s efforts are focused on promoting international trade across the emirate of Dubai, as the partnerships concluded by the center embody this commitment. DigitalSugar was launched to facilitate the trading of raw sugar in accordance with the highest levels of transparency and smoothness, allowing individual and institutional traders to speculate on sugar price fluctuations according to their own provisions and what suits them”
Dutta further added that the platform will be responsible for moving almost 100,000 tons of raw sugar from the point of production into the hands of the consumer. Officials close to the development of the platform also claimed that through blockchain technology, raw industries like sugar will get a new lease of life. The integration of blockchain technology is set to help thousands of people in the industry by streamlining the production process as well as inculcating a higher sense of transparency in the works.