Blockchain-based Sugars Exchanges will Make Commodity Trading Easier

News • 2020/10/26 • by

The new blockchain-based sugar exchange will make trading of other commodities better and easier.

Tokenized sugar can now be traded every day without a broker on the new UAE Digital Sugar project. This is one of the 2021 goals that the emirates blockchain strategy is putting in place. Al-Khaleej Sugar (the largest refinery of sugar globally) made the announcement above. Their press release made it clear that they are launching a new trading platform for sugar named digitalsugar.io.

Credit: alkhaleejsugar.ae

Major Updates:

Everybody using the platform can use tokens to trade and sport the price of sugar.
Traders can trade tokens worth up to 1m ton and charge 0.4 % per trade and 2.5% yearly storage.
The platform was launched in partnership with Free Zone and Dubai Authority on commodities trade and Universa Blockchain.
The launch of the sugar trading platform is in line with the UAE plan for 2021.

One of the big plans of the emirates blockchain strategy in the coming year is to ensure that a minimum of 50% of any public transaction will be on Distributed Ledger Technology (DLT). This strategy also helps improve the quality of life in the United Arab Emirates and help citizens make fair use of technology in their life and work.

*Do you think this sugar-based exchange will open doors for other commodities? Use the comment section to share your opinion.
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Source: Cointelegraph.

Comments (6)

Guest

exodusab

6 years ago

The platform, launched in partnership with the flagship Free Zone and Government of Dubai Authority on commodities trade (DMCC) and Universa Blockchain, will be the first global exchange to offer traders and investors raw spot sugar trades on an immediate basis, rather than the more common options or futures offered by other current exchanges. Jamal Al Ghurair, Managing Director, Al Khaleej Sugar, said that the launch of a blockchain-based sugar trading platform is in line with the wider goals of UAE Blockchain Strategy 2021, which Highness Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched in 2018. The Emirate Blockchain Strategy 2021 outlines an ambitious plan to migrate at least 50% of government-related transactions onto distributed ledger technology (DLT) platforms before the end of this year.

royguvs1st

6 years ago

its good

tugiman

6 years ago

up

freshprinx

6 years ago

Since the introduction of the blockchain-based sugar exchange by UAE, it has helped them a lot in boosting their economy and it has add a great impact to UAE

godgrace1

6 years ago

Yes, i believe the sugar base exchange technology will definitely open doors for other commodities, just look at how the creation of bitcoin lead to the explosion in creation of other altcoins so i believe certainly that, the sugar based exchange will definitely open doors for other commodities.

visiblemoney

6 years ago

Yes I think so! Emirate blockchain innovating sugar token is a real-sector adoption process. I think with this concept we can expect more sectors to come up with their commodity tokens as blockchain use case increases.