Farmers and buyers are now provided streamlined visibility for their deals through the new blockchain platform, Grain Discovery. As a result of the start-up technology, the first global corn trade transaction was successfully processed for Prince Edward County farmers Larry Reynolds and Lloyd Crowe following the discovery of vomitoxin beyond the threshold for corn and leading to rejection of two loads. The two were in need of a quick and reliable solution to locate a new buyer and process the transaction. Grain Discovery did just that.
“By using Grain Discovery, we were not only able to avoid hours of searching for a new buyer, but found one just down the road, at a better price than the original deal, and were paid instantly,” said Mr. Reynolds. “If blockchain technology means a few extra dollars in my pocket and a few hours less trucking, then that’s a win.”
The goal for Grain Discovery is to create a revolutionary approach to agricultural supply chain through the use of blockchain technology while providing increased visibility, control, and simplicity for farmers and buyers.
“Farming technology in the agricultural industry is incredibly advanced,” explained Rory O’Sullivan, CEO of Grain Discovery. “However, the way grain is bought and sold hasn’t changed much since our grandparents were farming! In the age of Amazon and eBay, we reckoned the industry deserves better.”
“We are participating in a number of other pilot projects this year, including tracing soybeans from seeds in Canada to the export market in Japan and coffee from Columbia to your local café,” said Mr. O’Sullivan. “This transaction was the vital first step towards realizing our goals.”
Source: EIN Presswire
As digitization and technology solutions continue to be the focus for trade experts, IT Solutions company CyberLogitec announced the creation and launching of their new blockchain focused solutions platform. The company, known for its work in providing solutions in the ports and terminals sector, confirmed this initiative will be implemented for all IT solutions in 2019.
The solutions, deemed as FREIGHT9 and OPUS9 pave the way for a purely digital system for maritime businesses, eliminating the hassle of paper-based documentation for all shipping. This is another prime example of the rapid pace of digitization within the trade sectors.
The total elimination of inefficiencies is the goal of many trade professionals, starting with paper-based systems and operations. With global trade shifting at a fast pace, companies must rely on technology-based solutions to keep up and maintain operations on a holistic level, reducing risks and duplicate efforts.
“The company aims to set the highest standards of innovation and excellence in the logistics ecosystem. It is hoped that as the logistics industry players adopt blockchain technology, the full potential of blockchain will be realized, and global trade will be boosted,” commented CyberLogitech in response to the news.
Source: Port Technology
Day 1 of the Asian Logistics and Maritime Conference kicked off yesterday with over 70 industry experts speaking on the topics of global trade, economic development, supply chain management best practices and even shared their thoughts on the current trade war situation between the U.S. and China.
“ALMC remains committed to its goal: to provide a forum for learning, sharing and exchange among some of the biggest players in the industry, and to help chart a path forward. The event
also highlights Hong Kong’s role as the region’s logistics and maritime hub,” HKTDC Executive Director Margaret Fong said.
Many of the common themes featured during the plenary sessions focused on the Belt and Road Initiative and what’s being implemented as a means of strategy and proactivity in an evergreen market. A total of eight sessions were planned for day 1 to offer a variety of topics for each company and involvement within the logistics and trade industry, highlighting blockchain technology solutions and hyperloop technology in the age of digitization and technology.
Global industry leaders such as Karen Reddington, President of FedEx Express, provided granular-level business operation tips, noting that it is imperative that we keep the trade sector, “As open and as fair as possible.”
Tech demo sessions were also conducted featuring some of the industry’s newest devices, providing solutions in cold supply chain and more. There are more than 150 one-on-one business matching sessions coordinated for tomorrow’s plenary session and exhibit from companies such as LOGFLOWS, Arwin Technology, FreightAmigo Services, Neosen Energy HK and Swivel Software Limited.
Global Trade Magazine will continue providing updates on the conference here as well as on our Twitter.