Now, when in most of the sectors blockchain is showing its magic, the agriculture industry is eyeing the new emerging technology to operate more efficiently.
Major agriculture companies chiefly known as ABCD collaborates to digitize international grain trading by using blockchain and artificial intelligence (AI) technologies.
ABCD stands for Archer Daniels Midland Co., Bunge Ltd., Cargill Inc., and Louis Dreyfus Co. The conglomerate says that that blockchain implementation has potential to make trading more efficient and transparent, as well as decrease costs. ABCD is focussed on transforming the system from paper contracts, invoices, and manual payments to digitized process.
ABCD’s far-sighted intention is to implement blockchain technology in different parts of the supply chain, such as shipping, storage, and customer experience.
On this, Ian McIntosh the CEO of Louis Dreyfus Co. noted how blockchain could contribute to developing the agriculture industry. He believes the technology’s “capacity to generate efficiencies and reduce the time usually spent on manual document and data processing.”
Reportedly, U.S. national milk marketing cooperative Dairy Farmers of America also tested and tried decentralized solutions among its farmer-members in 48 states. Moreover, the renowned Dutch supermarket chain Albert Heijn used blockchain to track orange juice production.
As reported in grain industry news outlet World-Grain.com, on the initial stage Blockchain and AI will be utilized in automating grain and oilseed post-trade execution processes, as both the processes are significantly manual and costly part of the supply chain.