home Latest News Dubai's DMCC to launch blockchain sugar trading platform – ArabianBusiness.com

Dubai's DMCC to launch blockchain sugar trading platform – ArabianBusiness.com

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Dubai Multi Commodities Centre signs deal with Al Khaleej Sugar and Universa Blockchain

Dubai Multi Commodities Centre (DMCC) has signed an agreement with Al Khaleej Sugar and Universa Blockchain to support the development of a new sugar trading platform in the emirate.

The platform under development will enable traders to purchase, store, and trade the sugar of Al Khaleej Sugar through smart contracts on a blockchain technology provided by Universa.

The DMCC Tradeflow platform will act as the central registry of ownership of the sugar through enforceable warrants to prove the existence of reserves, and enable secure and transparent international trade, a statement said.

“This partnership will come as welcome news to investors, businesses and the international sugar trade as a whole. We are confident that when complete, this new platform will help drive significant international sugar trade volumes through the emirate of Dubai,” said Feryal Ahmadi, chief operating officer, DMCC.

Jamal Al Ghurair, managing director, Al Khaleej Sugar, added: “As the largest standalone sugar refinery in the world, with a capacity to hold more than 1.6 million tonnes of sugar, we are delighted to be able to set up a sugar platform on a robust and established platform such as DMCC Tradeflow. And as the world’s leading commodity trading hub, we look forward to working with DMCC to further boost the sugar trade in Dubai.”

Alexander Borodich, founder and CEO, Universa Blockchain, said: “Establishing a new sugar platform is a perfect example of how blockchain can be used to increase efficiency and transparency on an already secure platform.It is encouraging to see such a prominent player in global trade implementing the next generation of technology. I look forward to seeing the platform grow with the aid of our fully scalable blockchain platform.”