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Major Agriculture Companies Partner to Use Blockchain in Grain Trading

The world’s four largest agriculture companies, commonly known as ABCD, have partnered to digitize international grain trading by using blockchain and artificial intelligence (AI) technologies, Reuters reports Thursday, Oct. 25.

ABCD, composed of Archer Daniels Midland Co., Bunge Ltd., Cargill Inc., and Louis Dreyfus Co., states that blockchain implementation could make trading more efficient and transparent, as well as reduce costs. The conglomerate aims to digitize the system that has previously relied on paper contracts, invoices, and manual payments.

In the long run, ABCD plans to integrate blockchain technology on different levels of the supply chain, including shipping, storage, and customer experience.

As per a recent study by Reportlinker, blockchain use in agriculture and food supply chains market will be worth over $400 million in the next five years.

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