Cerealia Launches Blockchain-based Platform for Agricultural trade

The Swiss company Cerealia has announced the launch of a blockchain platform of the same name for trading agricultural products. The platform should simplify the trading of Russian grain.

Companies from Algeria, Brazil, Dubai, Japan and Ukraine participated in the testing of the platform, which lasted more than two years. In 2018, with the help of Cerealia, Russian wheat was delivered from the port of Novorossiysk. After the official launch, buyers of Russian grain will be able to make purchases faster and easier.

“Traders can now be 100% confident in the product they are trading, compared to traditional phone conversations. Cerealia allows you to instantly sign digital contracts and ensures that all information is recorded in the blockchain, ” said Andrey Grigorov, CEO of Cerealia.

The Russian grain market is one of the largest in the world and, according to representatives of Cerealia, in the first week after the launch of the platform, the volume of deliveries exceeded 20,000 metric tons.In October 2019, it was reported that the National Settlement Depository and the Russian Agricultural Bank will transfer grain stocks of trading participants on the Moscow Exchange to a tokenized form.