Largest agriculture companies partner to use Blockchain

The four largest agricultural companies in the world, known as ABCD, have joined forces to digitize international grain trade through Blockchain and Artificial Intelligence (AI) technologies.

ABCD, made up of Archer Daniels Midland Co., Bunge Ltd., Cargill Inc. and Louis Dreyfus Co., says Blockchain's implementation can make commerce more efficient and transparent, while reducing costs. The group plans to scan the system that previously relied on paper contracts, invoices, and manual payments.

According to World-Grain.com, Blockchain and AI will initially be used to automate post-trade processes for grains and oilseeds, which are a highly manual and expensive part of the value chain.

In the long run, ABCD plans to integrate Blockchain technology into various levels of the chain, including transportation, storage and customer experience.

As quoted by World-Grain.com, Louis Dreyfus Co. CEO Ian McIntosh explained how Blockchain can help develop the agricultural industry by noting the technology's ability to generate efficiencies and reduce the time it normally takes for documents and Data processing.

Leading food giants around the world have been testing Blockchain to improve supply chain efficiency. Louis Dreyfus Co., along with four other entities, conducted its first shipment based on Blockchain in January 2018, shipping soybeans from America to China using the Blockchain Easy Trading Connect (ETC) platform.