After two years of beta testing, Swiss developer Cerealia SA has launched a blockchain trading and financing platform for global agricultural trade.

The launch comes after extensive pre-testing with companies from Algeria, Brazil, Dubai, Japan and Ukraine. In November 2018, Cointelegraph announced early use of the platform to conduct a trial delivery of Black Sea wheat from the Russian coastal city of Novorossiysk.

Cerealia told reporters that it aims to meet the need for a fast-paced trading platform in the global Russian wheat market and integrate it with a more reliable, transparent and technologically advanced implementation program. Director General Andrei Grigorov said:

Traders can now be 100% sure that they have actually completed a trade, unlike the traditional telephone brokerage. They immediately signed contracts and records registered on the blockchain “forever.”
As the largest producer of wheat in the world, agreements are also entered into on the Russian market to sell corn, barley, other grains and vegetable oils. According to Cerealia, the deal volume reached 20,000 tons of grains in the first week of launch.

Earlier this fall, the world’s leading agricultural companies from the USA, France, China and the Netherlands formed a joint venture that will use blockchain technology to improve logistics operations in the agricultural sector in Brazil. Among them, the trading partners participated in transporting about 550 million tons of grains and oilseeds annually.

Source: CoinTelegraph