According to a recent announcement, the world’s largest independent refinery, ‘Al Khaleej Sugar’, has implemented Blockchain technology in its recently launched sugar trading platform, called ‘DigitalSugar.io’.
Developed using Universa’s leading blockchain technology, DigitalSugar.io. was launched in partnership with the leading Free Zone and Dubai Government Authority for Trade in Commodities (DMCC) and Blockchain University with the aim of providing spot raw sugar trading. The blockchain-based platform is the first global exchange that allows traders and investors to trade instantly.
At the launch of the DigitalSugar Trading Platform, Jamal Al Ghurair, CEO of Al Khaleej Sugar, mentioned that the platform will redefine sugar trading and will certainly ‘boost sugar trade in Dubai.’
DigitalSugar.io: Forming the backbone of new commodity trading
Blockchain is one of the revolutionary technologies that makes sense in almost every field. Various studies, including one by PwC, have shown that widespread adoption of blockchain technology could add $1.7 trillion to the global economy over the next 10 years.
With the Blockchain-enabled sugar trading platform, users will be able to trade the spot price of sugar through tokens tied to up to 100,000 tons of raw sugar. Moreover, traders will be able to hold tokens from 1 kg to 1 million tons and will pay 0.4% transaction fee and 2.5% annual storage fee.
The DigitalSugar platform ensures that trading will be available 24/7 without the involvement of any third-party intermediaries such as brokers, thus allowing everyone, including institutional customers, to organizations and retailers, do it on their own terms and conveniently anytime, anywhere.
Jamal Al Ghurair, CEO of Al Khaleej Sugar, mentioned that the launch of this sugar trading platform is in line with the broader goals of the ‘UAE Blockchain Strategy 2021’, set by the Government introduced by the UAE government in 2018. move at least 50% of all government transactions on DLT-based platforms.
To encrypt goods and digitize transactions, Al Khaleej Sugar is ready to deploy Blockchain technology.
Sheikh Mohammed bin Rashid, Vice President and Prime Minister of UAE and the Ruler Dubai spoke about this strategy and believes that this revolutionary technology will allow people to make most of their transactions on time and will further save time, effort and resources.
About Al Khaleej Sugar
Al Khaleej Sugar in Dubai is a member of several international sugar organizations whose products are regularly exported to more than 50 countries, distributing more than one million tonnes to the global market each year. The refinery is known to provide about 3% of global annual refined sugar production and has a production capacity of 6,000 tons of refined white sugar per day.
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