LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

ABCD quartet of grain traders partner to digitise global trades

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Fri, Oct 26, 2018
06:29 am
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

The world`s four largest agribusinesses are working together to standardize and digitise international grain trades using technologies such as blockchain and artificial intelligence, the companies announced on Thursday.

Archer Daniels Midland Co, Bunge Ltd, Cargill Inc and Louis Dreyfus Co, known collectively as the ABCDs of global grain trading, said the effort would make international commodities trades more efficient and transparent and reduce costs.

The aim is to replace a system that relies on paper contracts and invoices and manual payments with an automated electronic system, the companies said in a joint statement.

The first area the companies are targeting is automating grain and oilseed post-trade processes, according to an emailed statement from all four companies to Reuters.

It is a specific problem they are trying to make simpler and cheaper: 275 million emails are sent annually by commodity traders to process 11,000 shipments of grain transported on the ocean, they said.

"Many aspects of agricultural trading are highly manual and costly: paper documents, facsimiles, manual retyping of data, and so on," the companies said. "And many transactions still utilise hard copy transfers of documents.

The companies did not disclose further details of the effort or how soon a new system would be rolled out. They are hoping other international grain traders - such as China`s Cofco and Japan`s Mitsui - will join their effort, the companies said.

The effort mirrors moves by other companies and industries to make supply chains more traceable by using technologies such as blockchain, which is a shared record of data maintained by a network of computers, rather than a trusted third party.

Louis Dreyfus completed the first agricultural commodity transaction using blockchain in January, CEO Ian McIntosh said in the statement.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

NEET 2021 exam: Check here the latest update on dates and all you need to know for registration before appearing in the test

JEE Main 2021: RUSH! March registration ends today—Here is how you can apply

Airbag for front-seat passenger made mandatory from THIS date

Indian economy outlook 2021: This is why FY 2021 GDP performance will be better than projection—Finance Ministry EXPLAINS

IRCTC Share Price Outlook: Anil Singhvi predicts Rs 2500 target, lists out reasons to buy

Gold Price Outlook – Gold, Silver prices may see further fall next week; expert tells what to do to maximise gains

7th Pay Commission: Central Government Employees' Dearness Allowance (DA) to become 25 pct from April 2021?

PPF Calculator: You can double Public Provident Fund income and save income tax outgo - you will need this help

West Bengal, Assam Assembly elections 2021: After TMC, BJP likely to release candidates lists today

7th Pay Commission Latest News: Central government employees' alert! one mistake could cost you your LTC claim—check report

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved