COFCO International Joins ABCD Initiative To Bring Blockchain To Agricultural Sectorbr>
Agriculture business platform COFCO International is partnering with four global agribusinesses to standardize data and digitize global agricultural shipping transactions.
COFCO International is the overseas agriculture business platform for COFCO Corporation, one of China’s state-owned food processing holding companies. The company is focused on being a leader in the global grains, oilseeds and sugar supply chains, with assets across the Americas, Europe and Asia-Pacific. In 2017, COFCO International handled over 100 million tons of related commodities with revenues of $34 billion.
COFCO will be joining the ABCD blockchain initiative, which was launched in October by ADM, Bunge, Cargill, and Louis Dreyfus, to investigate ways to standardize and digitize global agricultural shipping transactions for the benefit of the entire industry. The initiative will initially focused on developing technologies to automate grain and oilseed post-trade execution processes, significantly reducing costs and resources needed to move documents around the globe.
The ultimate aim of the ABCD blockchain initiative is to digitize manual, paper-based processes tied to contracts, invoices and payments in order to improve security, reliability, efficiency and transparency.
“We are pleased to join this initiative as a founding member,” said Johnny Chi, Chairman and CEO of COFCO International. “Emerging technologies like blockchain give us the opportunity to create a transparent, secure and efficient platform and transform global agricultural trade operations. Our shared vision is to develop a new standard available to everyone, bringing industry-wide benefits.”