The world’s largest sugar factory, Gulf Sugar, has officially announced the implementation of blockchain technology on the recently launched sugar trading platform

Platform users in the United Arab Emirates will trade for the spot price of sugar using tokens attached to “up to 100,000 tonnes of raw sugar”, guaranteed to be linked to the Universa blockchain, which will issue electronic orders of token ownership. Sellers will be able to store tokens in quantities from 1 kg to 1 million tons and will pay a replacement fee of 0.4% plus an annual storage fee of 2.5%.

The platform, launched in partnership with the main free zone and Dubai Government Commodity Trading (DMCC) and Universa Blockchain, will be the first global exchange to offer traders and investors raw sugar spot trading on an immediate basis, instead of the more popular options. or futures offered by current exchanges. Other.

Jamal Al Ghurair, CEO of Al Khaleej Sugar, said the launch of a blockchain-based sugar trading platform is in line with the broader goals of the UAE’s Blockchain Strategy 2021, announced by His Highness Sheikh Mohammed bin Rashid, Vice President and Prime Minister. . … The United Arab Emirates and ruler of Dubai, launched in 2018.

UAE Blockchain Strategy 2021 plans an ambitious plan to move at least 50% of public transactions to distributed ledger technology (DLT) platforms by the end of this year.

Sheikh Muhammad said about the strategy:

He added that the introduction of this technology will affect the quality of life in the United Arab Emirates and increase the level of happiness for its citizens. By 2021, 50 percent of government transactions will be completed at the federal level using Blockchain technology … This technology will save time, effort and resources and enable people to complete most of their transactions on time according to their lifestyle and work. “

Source: CoinTelegraph